PHOENIX, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a pure-play water resource management company, applauds The Procter & Gamble Company (NYSE:PG) for receiving approval of an economic development agreement to build a new manufacturing facility in Coolidge, Arizona.
As recently announced by Arizona Commerce Authority (ACA), the facility will support P&G’s fabric care portfolio, which includes products such as Tide PODS®, Downy Unstopables® and Bounce® Dryer Sheets.
According to the ACA, P&G plans to complete a land acquisition this month, begin construction in 2023, and for the facility to be operational by 2025. It will represent a $500 million investment by P&G and is expected to create about 500 new jobs.
The facility will be located on 427 acres at Inland Port Arizona, a 2,700-acre mega-site currently under development by Saint Holdings. Inland Port Arizona falls within a 3.4 square mile region in the central Arizona corridor between Tucson and Phoenix, an area where Global Water received a certificate of convenience and necessity permit from the Arizona Corporation Commission to exclusively provide water, wastewater and recycled water services.
“With a leading manufacturer such as P&G locating to Inland Port Arizona, we expect the facility’s development and operation to stimulate further interest in our industrial mega-site, which will also attract commercial and residential growth to the region,” said Saint Holdings president, Jackob Andersen. “All of this economic activity generates job and population growth, with people relocating to Coolidge and the surrounding Pinal County region to support these facilities.”
Global Water will now work directly with P&G to provide water, wastewater and recycled water services to the planned manufacturing facility. Based upon P&G’s stated schedule, Global Water expects to begin detailed design and permitting in 2023. Construction will commence thereafter, with a servicing goal of 2025. Global Water may begin providing construction water as soon as late 2023.
Global Water Resources president and CEO, Ron Fleming, commented: “We look forward to working with such a renowned company as P&G. The new facility represents another major anchor to the Inland Port Arizona industrial mega-site, joining the new Nikola manufacturing plant that began production earlier this year. As more large facilities locate to this area, it enables the efficient deployment of infrastructure and integrated utility operations designed to provide safe, reliable and sustainable utility solutions for the entire region.”
P&G’s decision to build its facility at Inland Port came after several other manufacturers located to Pinal County, including electric vehicle manufacturers, Lucid and Nikola; semiconductor leader Chang Chun Arizona; aircraft services leader eCube; iconic brand Kohler; and battery innovator Cirba Solutions. The increased manufacturing activity has brought thousands of new jobs to Pinal County through direct production and supply chain operations.
About Global Water Resources
Global Water Resources, Inc. is a leading water resource management company that owns and operates 16 utilities which provide water, wastewater, and recycled water services. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix. Global Water recycles more than 1 billion gallons of water annually.
The company has been recognized for its highly effective implementation of Total Water Management (TWM). TWM is an integrated approach to managing the entire water cycle that involves owning and operating water, wastewater and recycled water utilities within the same geographic area in order to maximize the beneficial use of recycled water. It enables smart water management programs such as remote metering infrastructure and other advanced technologies, rate designs, and incentives that result in real conservation. TWM helps protect water supplies in water-scarce areas experiencing population growth.
Global Water has received numerous industry awards, including national recognition as a ‘Utility of the Future Today’ for its superior water reuse practices by a national consortium of water and conservation organizations led by the Water Environment Federation (WEF).
To learn more, visit www.gwresources.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain forward-looking statements which reflect the company's expectations regarding future events. The forward-looking statements involve a number of assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in the forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning our strategy; expectations about future business plans, prospective performance, growth, and opportunities; future financial performance; regulatory and ACC proceedings and approvals, such as the anticipated benefits resulting from Rate Decision No. 78644, including our expected collective revenue increase due to new water and wastewater rates; acquisition plans and our ability to complete additional acquisitions, including the anticipated acquisition of Farmers Water Co. and the expected future benefits; our dividend policy; population and growth projections; technologies; trends relating to our industry, market, population growth, and housing permits; liquidity; plans and expectations for capital expenditures; our intended use of the net proceeds from our August 2022 equity offering; and other statements that are not historical facts as well as statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," or the negative of these terms, or other words of similar meaning. These statements are based on our current beliefs or expectations and are inherently subject to a number of risks, uncertainties, and assumptions, most of which are difficult to predict and many of which are beyond our control. Actual results may differ materially from these expectations due to changes in political, economic, business, market, regulatory, and other factors, including the duration and severity of the COVID-19 pandemic and the actions to contain the virus or treat its impact, such as the efficacy of vaccines (particularly with respect to emerging strains of the virus). Factors that may also affect future results are disclosed under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our filings with the Securities and Exchange Commission (the "SEC"), which are available at the SEC's website at www.sec.gov. This includes, but is not limited to, our Annual Report on Form 10-K for the year ended December 31, 2021, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and subsequent filings with the SEC. Additional risks and uncertainties include, but are not limited to, whether all conditions precedent in the definitive agreement to acquire Farmers Water Company will be satisfied, including the receipt of ACC approval, and other risks to consummation of the acquisition, including circumstances that could give rise to the termination of the definitive agreement and the risk that the transaction will not be consummated without undue delay, cost or expense, or at all. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s views as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, except as required by law, whether as a result of new information, future developments or otherwise.
Tide PODS®, Downy Unstopables® and Bounce® are registered trademarks of The Procter & Gamble Company.
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