Wisconsin Energy and WICOR Complete Merger
MILWAUKEE -- - Wisconsin Energy Corp. (NYSE: WEC) and WICOR announced today that the companies have completed their merger, which will become effective as of midnight tonight, April 26, 2000. Wisconsin's largest electric and second largest gas utility, and Wisconsin Gas, the state's largest gas utility, are now both under the same holding company, Wisconsin Energy.
WEC now serves approximately 921,000 gas customers and more than 1 million electric customers in Wisconsin and Michigan's Upper Peninsula. It operates more than 16,500 miles of gas main and 30,000 miles of electrical transmission and distribution wires. The company has approximately 9,550 employees.
"This merger has created a stronger company that will benefit customers, shareholders and employees," said Richard Abdoo, WEC chairman, president and chief executive officer. "We believe this transaction will build shareholder value through increased growth opportunities, provide earnings diversification and expansion, and enable the company to take advantage of converging energy markets.
"At the utility level, we believe that this strategic combination will create efficiencies, standardization and sharing of best practices. The result will be enhanced service to our customers. This is good news for our Wisconsin customers," said Abdoo.
George E. Wardeberg, chairman and CEO of WICOR, said, "The merger of WICOR and Wisconsin Energy creates greater long-term growth and diversification opportunities than either company would have on its own. And our employees will benefit by becoming part of a company that's better equipped to play a leading role in the rapidly growing energy industry."
Besides utility operations, which also includes Edison Sault Electric Co. serving customers in Michigan's Upper Peninsula, the combined company has the following major non-utility businesses:
-- FieldTech is a subsidiary offering meter reading technology and services to gas, water and electric utilities nationwide.
-- Hypro Corp. manufactures pumps and fluid-handling equipment for a variety of markets. Major markets are agricultural spraying, marine, industrial and fire fighting.
-- Minergy develops and markets proprietary technologies designed to convert high-volume industrial and municipal wastes into value-added products.
-- SHURflo Pump Manufacturing Company makes small, high-performance pumps and fluid-handling equipment. Major markets are beverage/food service, recreational vehicles, marine and industrial.
-- Sta-Rite Industries manufactures pumps and water processing equipment for residential, industrial and agricultural markets. Major markets are water systems and pool/spa.
-- WICOR Energy is a marketing subsidiary selling a variety of energy supply-related services, including gas purchasing, storage, energy and risk management.
-- Wispark is a real estate development subsidiary with projects in southeast Wisconsin, metro-Milwaukee, Minnesota, Illinois and California.
-- Wisvest is an energy services subsidiary that builds, owns, operates and maintains energy production facilities. It also invests in other energy-related projects.
Wisconsin Energy Corporation is a Milwaukee-based holding company with subsidiaries in utility and non-utility businesses. The company serves more than 1 million electric and 921,000 natural gas customers in Wisconsin and Michigan's Upper Peninsula through its utility subsidiaries -- Wisconsin Electric, Wisconsin Gas and Edison Sault Electric. Its non-utility subsidiaries include energy services and development, pump manufacturing, waste-to-energy and real estate businesses. Visit the company's Web site at http://www.wisenergy.com
SOURCE Wisconsin Energy Corp.
CONTACT: Michael John of Wisconsin Energy Corp., 414-221-4444
Company News On-Call: http://www.prnewswire.com/comp/947950.html or fax, 800-758-5804, ext. 947950
Web site: http://www.wisenergy.com (WEC)
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