Integrys Signifies Companies’ Commitment To Customer Service, Honest Operations, And Serving The Communities In Which It Will Operate
GREEN BAY, Wis. and CHICAGO, Oct. 16 /PRNewswire-FirstCall/ — WPS Resources Corporation (NYSE:WPS) and Peoples Energy Corporation (NYSE:PGL) today announced Integrys (in-TEG-ris) as the name for a proposed combined company, subject to necessary regulatory and shareholder approvals. The companies announced the signing of a definitive merger agreement on July 10, 2006, and expect the transaction to close in the first calendar quarter of 2007. Earlier this month, the companies released the proposed organizational structure and new leadership of the combined company.
“In Integrys, we have a name that reflects our commitment to open and honest business practices, prudent decision-making and a strong financial foundation,” said Larry L. Weyers, 61, chairman, president, and CEO of WPS Resources and president and CEO of the new company. “These values will support the integration of the two companies and help us achieve our vision of becoming a stronger and more competitive, diversified energy company.
“Integrys also conveys the core values of our combined company,” Weyers added. “Our employees are customer-focused and work hard to provide energy solutions that benefit all our stakeholders — our customers, shareholders, and the communities we serve.”
Integrys will be the name of the new parent company, which will be listed on the New York Stock Exchange under the ticker symbol, TEG. The energy marketing subsidiary will be called Integrys Energy Services, Inc. The names of the operating subsidiaries will not change; these companies are Wisconsin Public Service Corporation, Upper Peninsula Power Company, Michigan Gas Utilities, Minnesota Energy Resources, Peoples Gas, and North Shore Gas.
The logo design and website for Integrys will be released upon the close of the transaction.
About WPS Resources Corporation
WPS Resources (NYSE:WPS) , based in Green Bay, Wisconsin, is a holding company with five major subsidiaries providing electric and natural gas energy and related services in both regulated and non-regulated energy markets. Its largest subsidiary is Wisconsin Public Service Corporation, a regulated electric and natural gas utility serving northeastern Wisconsin and a portion of Michigan’s Upper Peninsula. Wisconsin Public Service serves more than 425,000 electric customers and 308,000 natural gas customers. Another subsidiary, Upper Peninsula Power Company, is a regulated electric utility that serves approximately 52,000 electric customers in Michigan’s Upper Peninsula. Michigan Gas Utilities Corporation is a regulated natural gas utility serving 161,000 customers in lower Michigan. Minnesota Energy Services Corporation is a regulated natural gas utility serving more than 200,000 customers throughout Minnesota.
WPS Resources’ major non-regulated subsidiary consists of WPS Energy Services, Inc., a diversified non-regulated energy supply and services company serving commercial, industrial and wholesale customers and aggregated groups of residential customers. Its principal market is the northeast quadrant of the United States and adjacent portions of Canada. Its principal operations are in Illinois, Maine, Michigan, Ohio, Texas, Virginia, and Wisconsin in the United States and Alberta, Ontario, and Quebec in Canada. WPS Energy Services also owns and/or operates non-regulated electric generation facilities in Wisconsin, Maine, Pennsylvania, New York, and New Brunswick, Canada; steam production facilities in Arkansas and Oregon; and a partial interest in a synthetic fuel processing facility in Kentucky.
Visit the WPS Resources Web site at http://www.wpsr.com/ for additional information.
About Peoples Energy
Peoples Energy, (NYSE:PGL) a member of the S&P 500, is a diversified energy company consisting of three primary business segments: Gas Distribution, Oil and Gas Production, and Energy Assets & Energy Marketing. Peoples Gas and North Shore Gas, regulated utilities, deliver natural gas to about one million customers in the City of Chicago and 54 communities in northeastern Illinois. The company’s non-utility businesses include Peoples Energy Services (PESC) and Peoples Energy Production (PEP). PESC, launched in 1996, serves more than 25,000 customers. PESC provides a portfolio of products to manage energy needs of business, institutional and residential consumers in today’s volatile and complex energy market. The company recently won approval to offer services in Michigan, Ohio and New York. PEP, founded in 1998, is primarily focused on acquiring proven, onshore reserves with upside potential in a limited number of strategic supply basins. Value is then added through drilling programs, production enhancements and reservoir optimization. The company’s acquisition and drilling efforts are primarily focused on natural gas. Visit the Peoples Energy website at http://www.peoplesenergy.com/ .
