MISSION WOODS, Kan., Nov. 18, 2008 (GLOBE NEWSWIRE) -- Layne Christensen Company (Nasdaq:LAYN) today announced the acquisition of Meadors Construction Company. Based in Jacksonville, Florida, Meadors expands the geographic coverage of Layne Christensen's water infrastructure business. Meadors will be consolidated with Reynolds, Inc., Layne Christensen's heavy/civil construction arm, bringing additional revenue exceeding $25 million annually. The acquisition was funded from Layne Christensen's current cash balances and net of cash; Layne Christensen remains debt free.
Jeff Reynolds, President of Reynolds, Inc., stated, "This acquisition further solidifies our efforts in the Florida and other Southeast water markets. The 'bolt-on' acquisition strategy we have used to expand the company's footprint in water infrastructure continues to pay dividends. Our Water Infrastructure Division backlog prior to this acquisition was approximately $50 million higher than a year ago. We welcome the Meadors team."
Lauren Atwell, Vice President of Meadors, said, "The management team at Meadors is excited to be part of the larger water infrastructure services group inside Layne Christensen Company. With the support and resources of Reynolds, Inc. and Layne Christensen, we will be able to accelerate our growth in the water challenged Southeast markets."
Layne Christensen's Water Infrastructure Division includes:
* Water Resources Group providing single source, full service
capabilities with expertise in geosciences, well drilling,
pumping and water treatment.
* Heavy/Civil Construction Group (Reynolds, Inc.), providing
design and construction services for treatment plants, pump
stations and pipelines.
* Pipeline Rehabilitation Group (Reynolds Inliner), an industry
leader in cured-in-place pipeline renewal, offering municipal
and industrial customers a safe, cost-effective and long-term
pipeline rehabilitation solution.
* Geoconstruction Group, offering a wide array of soil
stabilization services including jet grouting, drilled micro-
piles, vibratory ground improvement and construction anchor
technologies.
With over 50 offices strategically located across the country, Layne Christensen is uniquely positioned to offer comprehensive, integrated solutions to solve the most demanding needs of our customers.
The Layne Christensen Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3466
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. Such statements may include, but are not limited to, statements of plans and objectives, statements of future economic performance and statements of assumptions underlying such statements, and statements of management's intentions, hopes, beliefs, expectations or predictions of the future. Forward-looking statements can often be identified by the use of forward-looking terminology, such as "should," "will," "will be," "intended," "continue," "believe," "may," "hope," "anticipate," "goal," "forecast," "plan," "estimate" and similar words or phrases. Such statements are based on current expectations and are subject to certain risks, uncertainties and assumptions, including but not limited to prevailing prices for various commodities, unanticipated slowdowns in the Company's major markets, the risks and uncertainties normally incident to the construction industry and to the exploration for and development and production of oil and gas, the impact of competition, the effectiveness of operational changes expected to increase efficiency and productivity, worldwide economic and political conditions and foreign currency fluctuations that may affect worldwide results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially and adversely from those anticipated, estimated or projected. These forward-looking statements are made as of the date of this release, and the Company assumes no obligation to update such forward-looking statements or to update the reasons why actual results could differ materially from those anticipated in such forward-looking statements.
Layne Christensen Company provides sophisticated services and related products for the water, wastewater, mineral and energy markets.