PORTLAND, Ore., March 02, 2020 (GLOBE NEWSWIRE) -- NW Natural Water Company, LLC (NW Natural Water), a wholly owned subsidiary of Northwest Natural Holding Company (NWN), has completed the acquisition of T&W Water Service Company in Conroe, Texas. The sale was approved by the Public Utility Commission of Texas in close cooperation with the sellers and stakeholders.
Currently, T&W serves approximately 9,200 people through 3,700 connections in the Houston-The Woodlands-Sugar Land metropolitan area.
“Adding T&W to the NW Natural Water family is an important milestone in the company’s growth strategy,” said David H. Anderson, NW Natural Holdings president and CEO. “We are thrilled to be operating in Texas and look forward to serving our new customers.”
“We’re excited to join NW Natural Water and are impressed with the company’s track record of providing safe and reliable service,” shared Ron Payne, president of T&W Water. “Plus, the companies have a shared belief that long-standing relationships within the community are an important part of the business.”
Since its initial transactions in 2017, NW Natural Water has tripled the number of people it serves and advanced its strategy to Texas. NW Natural Water currently serves approximately 61,000 people through about 24,500 connections. Several acquisitions are pending in Idaho and are expected to close in 2020.
ABOUT NW NATURAL HOLDINGS
Northwest Natural Holding Company, (NWN) (NW Natural Holdings), is headquartered in Portland, Oregon, and through its subsidiaries has been doing business for more than 160 years. It owns NW Natural Gas Company (NW Natural), NW Natural Water Company (NW Natural Water), and other business interests and activities.
NW Natural is a local distribution company that currently provides natural gas service to approximately 2.5 million people in more than 140 communities through more than 760,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores.
NW Natural Holdings’ subsidiaries own and operate 35 Bcf of underground gas storage capacity with NW Natural operating 20 Bcf in Oregon.
NW Natural Water currently provides water distribution and wastewater services to communities throughout the Pacific Northwest and Texas. When outstanding transactions close, NW Natural Water expects to serve approximately 62,000 people through approximately 25,000 connections. Learn more about our water business at nwnaturalwater.com.
Additional information is available at nwnaturalholdings.com.
FORWARD LOOKING STATEMENTS
This report, and other presentations made by NW Natural Holdings from time to time, may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements regarding the following: plans, objectives, goals, strategies, assumptions, estimates, expectations, expenses, future events, investments, reliability, customer and business growth, customer rates or rate recovery, the water utility strategy and the related pending water acquisitions, acquisition integration, the likelihood, timing, and success associated with any transaction, financial results, accretion or financial projections, strategic fit, revenues and earnings, performance, timing or effects of future regulatory proceedings or future regulatory approvals, and other statements that are other than statements of historical facts.
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed by reference to the factors described in Part I, Item 1A "Risk Factors," and Part II, Item 7 and Item 7A "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosure about Market Risk" in NW Natural Holdings’ most recent Annual Report on Form 10-K, as updated by subsequent filed reports, and in Part I, Items 2 and 3 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk," and Part II, Item 1A, "Risk Factors," in such company's quarterly reports filed thereafter.
All forward-looking statements made in this report and all subsequent forward-looking statements, whether written or oral and whether made by or on behalf of NW Natural Holdings, are expressly qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
New factors emerge from time to time and it is not possible for the company to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements.
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