June 2017 Press Release: Entegrus Powerlines & St. Thomas Energy Receive Approval from Shareholders to Merge
Entegrus Powerlines & St. Thomas Energy Receive Approval from Shareholders to Merge
Entegrus Powerlines Inc. and St. Thomas Energy Inc. are a step closer to becoming one company after receiving shareholder approval to merge from Chatham-Kent Council, St Thomas Council and Corix Energy Inc. on Monday night. Since announcing the proposed partnership in late 2016, both utilities have worked together to consult with customers, negotiate agreements and determine synergies for the merger.
Jim Hogan, President & CEO of Entegrus Inc., stated “the merger brings together two likeminded, locally focused utilities whose resources and skilled employees are dedicated to providing exceptional service to our customers. The merged company will be able to ensure a high level of service to our customers in an ever changing industry.”
With shareholder approval received, a Mergers, Acquisitions, Amalgamations and Divestitures (“MAAD”) application will be submitted to the Ontario Energy Board (OEB) this June. OEB approval is required before the merger can be completed.
Both utilities have strong track records of providing exceptional service to their customers, along with fair returns to their shareholders. This merger will enable the combined utility to deliver strong financial results, and in the longer term, lower rates than if the utilities continued to operate separately.
“The City of St. Thomas is very excited about this opportunity,” stated Heather Jackson, Mayor of the City of St. Thomas. “We believe that this will be a very successful business combination that will benefit the City of St. Thomas, and its residents as a whole.”
Chatham-Kent Mayor Randy Hope echoed Mayor Jackson’s support of the merger.
“We need to be able to attract businesses and residents, stated Hope. “This merger will set the stage for continued growth in this industry and in our communities.”
The merger will make Entegrus and St. Thomas Energy a stronger utility that will lead to efficiencies in operations, provide more opportunities for innovation, and to reduce costs to customers. Costs will be reduced by finding synergies, such as through shared IT platforms, combined purchasing power and sharing of assets.
“Local presence is very important to us,” added Hogan. “Both of our utilities have similar core values, and local ownership and community presence are items we all feel very strongly about.”
Continued local ownership & community presence, support for local initiatives and volunteer efforts, and keeping the current service centers open in Chatham, Strathroy and St. Thomas were some of the community benefits highlighted.
“Maintaining all three service centers will allow the merged utility to continue to respond to customer requests, outages and emergencies in a timely manner,” stated Rob Kent, COO, St. Thomas Energy. “This gives us the ability to pull additional resources from nearby communities when needed, and allows us to keep our finger on the pulse of our respective communities, and their specific needs, by living and working here.”
For further information on the merger visit www.poweringourpath.com
The Entegrus Group directly operates and maintains electricity distribution systems for over 40,000 customers in Southwestern Ontario. In addition, Entegrus provides general administrative services, namely in the areas of customer care, billing, call center operations and collection services for companies focused on the areas of electricity supply, transmission and distribution, energy and renewable energy, and water supply. Entegrus is committed to operating safe, reliable and cost effective distribution systems while providing high levels of service to its customers, partners and the communities it serves.
About St. Thomas Energy
St. Thomas Energy Inc. operates and maintains the electricity distribution system for over 17,000 customers within the City of St. Thomas. St Thomas Energy is committed to providing a safe, dependable, reliable, cost effective distribution system while maintaining high levels of customer service. St. Thomas Energy also supplies water and sewer billing and collection services to residents on behalf of the City of St. Thomas.
Sarah Regnier, Corporate Communications Specialist, Entegrus
519-352-6300 x 308 or email@example.com
St. Thomas Energy:
Lisa Bayley, Executive Assistant & Board Secretary
519-631-4211 x 5230 or firstname.lastname@example.org