FirstEnergy-Allegheny Energy Merger Closes Effective Today |
(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)
Firstenergy Corp.
76 S. Main St.
Akron, OH, 44308
USA
Press release date: February 25, 2011
AKRON, Ohio, Feb. 25, 2011 - FirstEnergy Corp. (NYSE: FE) announced that its merger with Allegheny Energy, Inc. (NYSE: AYE), has closed, effective today, marking the beginning of combined operations. This follows the company's acceptance of conditions included in yesterday's Pennsylvania Public Utility Commission approval.
"We are pleased to have completed our merger and look forward to delivering to our customers, shareholders and employees the significant benefits of a larger, stronger company," said President and Chief Executive Officer Anthony J. Alexander.
The company also announced that it will locate regional headquarters for Maryland and West Virginia utility operations in Washington County, Md., and Fairmont, W.Va., respectively. The current headquarters building for Allegheny Energy in Greensburg, Pa., will become the regional headquarters for West Penn Power utility operations.
These moves underscore the company's focus on regional operations. In addition, the company plans to reintroduce the utility operating names - Mon Power, Potomac Edison and West Penn Power - to Allegheny Power customers.
The regional headquarters for Potomac Edison's Maryland operations will be located in Allegheny Power's existing central distribution center in Washington County. This facility was chosen because it is centrally located, can accommodate the Potomac Edison management organization and is already equipped with the company's information technology infrastructure, a significant cost savings. Newly appointed president of Maryland Operations, James V. Fakult, and his staff will operate from there.
West Virginia regional headquarters will be located in the newly constructed transmission operations center in Fairmont. This facility was designed to accommodate additional functions, is conveniently located near other company facilities including the Fairmont Call Center, and has updated information technology infrastructure. James R. Haney, president of West Virginia Operations, and his staff will be located there.
West Penn Power, Allegheny Energy's Pennsylvania utility company, will remain headquartered in Greensburg, and regional president, David W. McDonald, and his staff will be located there.
FirstEnergy, which has its corporate headquarters in Akron, Ohio, currently has regional utility headquarters in Akron, Cleveland and Toledo, Ohio; Erie and Reading, Pa.; and Morristown, N.J.
In accordance with the dividend synchronization plan announced in December, FirstEnergy shareholders of record as of February 7, 2011, will receive a pro rata dividend of $0.5255 per share, payable March 1, 2011. In addition, FirstEnergy shareholders of record as of the close of business February 25, 2011, will receive a pro rata dividend of $0.0245 per share, payable March 7, 2011. Allegheny Energy shareholders as of the close of business on February 24, 2011, will receive a prorated final dividend of $0.12045 per share, payable March 11, 2011.
FirstEnergy is a diversified energy company dedicated to safety, reliability and operational excellence. Its ten electric distribution companies comprise the nation's largest investor-owned electric system. Its diverse generating fleet features non-emitting nuclear, scrubbed baseload coal, natural gas, and pumped-storage hydro and other renewables, and has a total generating capacity of approximately 23,000 megawatts.
SOURCE FirstEnergy Corp.
CONTACT: News Media: Ellen Raines, +1-330-384-5808; Investor Relations: Ron Seeholzer, +1-330-384-5415
Web Site: http://www.firstenergycorp.com
|
|
|
|
|
|
