Press Release

PUC Approves Transfer Sale of T.W. Phillips to Steel River Associates in Butler County

Published on 5/19/2011

Filed under: Gas

HARRISBURG – The Pennsylvania Public Utility Commission (PUC) today approved a change of control of T.W. Phillips and Oil Company (T.W. Phillips) from TWP INC. to LDC Holdings II LLC, an indirect subsidiary of Steel River Infrastructure Fund North America LP (Steel River).

“While I am saddened to see the end of one of Butler's oldest and most prominent businesses, I am encouraged by the terms of the comprehensive settlement reached by the parties which provides many important commitments to the Butler community including maintaining corporate headquarters in Butler and current levels of employment,” said Commissioner Tyrone J. Christy of Butler County.

Commissioner James H. Cawley issued a statement.  Commissioner Wayne E. Gardner issued a separate statement.

The Commission approved the transfer by sale of 100 percent of the outstanding common stock of T.W. Phillips, currently owned by TWP to Holdings II.  On Nov. 10, 2010, T.W. Phillips, TWP INC., and Holdings II filed a joint application requesting the transfer by sale.  In addition to maintaining the corporate headquarters in Butler, the company commits to maintaining field offices in its service territory and staffing levels that are sufficient to provide safe, adequate and reliable service.

The Pennsylvania Public Utility Commission balances the needs of consumers and utilities to ensure safe and reliable utility service at reasonable rates; protect the public interest; educate consumers to make independent and informed utility choices; further economic development; and foster new technologies and competitive markets in an environmentally sound manner.

For recent news releases, audio of select Commission proceedings or more information about the PUC, visit our website at www.puc.state.pa.us.

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Docket No. A-2010-2210326

Contact:

• Denise McCracken
  Senior Communications Specialist
  717-787-5722
  demccracken@pa.gov