Rio Communities
The sale of Rio Grande Utilities Company to a California company has been completed. The water and wastewater company will not be called New Mexico Water Service Company.
New Mexico Water Service Company (NMWSC), a wholly-owned subsidiary of California Water Service Group, announced Monday, July 1, that it has completed its acquisition of the water and wastewater assets of the Rio Grande Utility, which serves 2,265 water and 1,600 sewer customers in the unincorporated areas of Rio Communities.
“We are very pleased to complete the transaction and look forward to serving our new customers,” said Peter C. Nelson, president of California Water Service Group, in a press release. “The Rio Grande purchase fits in well with our growth strategy because it adds value for shareholders, customers and employees.”
All Rio Grande employees will be offered positions at NMWSC.
Bob Davey, executive director of the Valley Improvement Association that has operated Rio Grande Utilities, was unavailable for comment.
NMWSC purchased the assets of Rio Grande, which include five active water wells, two wastewater-treatment plants and rights to purchase 1,492 acre feet of groundwater, for $2.3 million. The new company also assumed $3.1 million in debt from Rio Grande Utilities.
California Water Service Group is the parent company of California Water Service Company, Washington Water Service Company, CWS Utility Services and now New Mexico Water Service Company.
Together these companies provide regulated and non-regulated water service to more than 2 million people in 96 California, Washington and New Mexico companies. The corporation’s common stock trades on the New York Stock Exchange under the symbol of “CWT.”
The Valencia County News-Bulletin is a locally owned and operated community newspaper, dedicated to serving Valencia County since 1910 through the highest journalistic and professional business standards. The VCNB is published weekly on Thursdays, including holidays both in print and online.
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April 19, 2024
