AUSTIN, Texas, Oct. 29, 2001 – Southern Union Company announces the completion of the sale of Morris Merchants, Inc. to Joseph C. McCarthy of Massachusetts.
“This recent sale is a continuation of Southern Union’s ongoing strategy to divest its non-core assets,” stated Thomas F. Karam, president and chief operating officer of Southern Union. “In line with Southern Union’s Cash Flow Improvement Plan, this divestiture is another step toward reaching our goal of increasing annualized pre-tax cash flow from operations by $50 million by the end of fiscal year 2002.”
Morris Merchants was part of Southern Union’s New England Division – formed in September 2000 through the acquisition of ProvEnergy Corporation, Valley Resources, Inc., and Fall River Gas Company. Morris Merchants is a manufacturers’ representative agency for franchised plumbing and heating contract supplies throughout New England.
Southern Union Company is an international energy distribution company serving approximately 1.5 million customers in Texas, Missouri, Pennsylvania, Rhode Island, Massachusetts, Florida and Mexico. For more information, visit www.southernunionco.com.