EVANSVILLE, Ind., Aug. 3 /PRNewswire-FirstCall/ -- Vectren Corporation announced today that it has purchased Duke Energy's (Duke) interest in Miller Pipeline Corporation (Miller). The transaction, which was initiated and effective on July 1, officially closed Monday, July 31, 2006. Financial details were not disclosed.
Prior to this transaction, Miller, one of the nation's premier natural gas and pipeline distribution contractors, was wholly owned by Reliant Services LLC (Reliant), a 50-50 joint venture between Vectren and Duke.
"The Miller acquisition directly supports the core utility business and helps grow our non-utility business portfolio," said Vectren Chairman, President and CEO Niel C. Ellerbrook. "Miller is strategically positioned to be a key player in the replacement of the region's aging infrastructure and to meet demand for all types of pipeline contracting and rehabilitation services."
Headquartered in Indianapolis, Miller employs more than 1,200 skilled and professional employees. As one of the country's largest gas distribution contractors, Miller serves several Midwestern utilities and has customers in the eastern third of the United States.
"Given our positive history with Vectren, we welcome their sole ownership of our company and are excited to be a full-fledged member of the Vectren family," said Miller CEO Doug Banning. "Our commitment to quality and customer service combined with our community involvement is directly aligned with Vectren's existing core values. We attribute much of our success and longevity to the quality of work we provide to our customers and the professional and stable leadership at all levels within the company."
About Miller Pipeline Corporation
Miller Pipeline Corporation is one of the nation's premier natural gas and pipeline distribution contractors with more than 50 years of experience in the construction industry. Established as a private company in 1953, Miller Pipeline Corporation became a joint venture between Cinergy (now Duke Energy) and Vectren Corporation in 2000. Miller Pipeline Corporation provides quality construction, maintenance, and rehabilitation products and services to natural gas utilities, municipal water and wastewater utilities, pipelines and industrial customers throughout North America. Learn more about Miller Pipeline at http://www.millerpipeline.com/ .
About Vectren
Vectren Corporation is an energy holding company headquartered in Evansville, Indiana. Vectren's energy delivery subsidiaries provide gas and/or electricity to over one million customers in adjoining service territories that cover nearly two-thirds of Indiana and west central Ohio. Vectren's nonutility subsidiaries and affiliates currently offer energy- related products and services to customers throughout the Midwest and Southeast. These include gas marketing and related services; coal production and sales and energy infrastructure services. To learn more about Vectren, visit http://www.vectren.com/ .
About Duke Energy
Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in the Americas. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com/ .
Safe Harbor for Forward Looking Statements
This document contains forward-looking statements, which are based on management's beliefs and assumptions that derive from information currently known by management. Vectren wishes to caution readers that actual results could differ materially from those contained in this document. Additional detailed information concerning a number of factors that could cause actual results to differ materially from the information that is provided to you is readily available in our annual report on Form 10-K filed with the Securities and Exchange Commission on Feb. 16, 2006.
