MISSION WOODS, Kan., Jan. 17, 2008 (PRIME NEWSWIRE) -- Layne Christensen Company (Nasdaq:LAYN) today announced the acquisition of Tierdael Construction Company, a Denver, Colorado based company founded in 1984. Tierdael is a heavy civil water infrastructure contractor focused mainly in the wet underground utilities market. The purchase price for the acquisition was $6.6 million in cash and the acquisition is anticipated to be accretive in Layne's fiscal 2009. Tierdael's projected revenue for fiscal 2009 is approximately $20 million.
Layne Christensen's Water & Infrastructure Group President, Jeff Reynolds, stated, "This acquisition is consistent with the Company's strategy to expand the Reynolds' infrastructure product lines into new geographic markets and gives us a gateway for these products into the western part of the United States, which is the strongest region for Layne's water business. Tierdael brings a group of people with proven capabilities in the water infrastructure market."
Tierdael President, James A. Stutler, commented, "We are excited to represent Layne's newest expansion and look forward to new opportunities that it affords our group. The combination of Layne's national presence and broad water-related products and services combined with our knowledge of the local market will allow us to better serve our customer's needs and expand our geographic reach."
Layne Christensen Company's Water & Infrastructure Group includes:
* Water resources group providing single source, full service capabilities with expertise in geosciences, well drilling, pumping, water transmission infrastructure and water treatment. * Heavy-civil 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-pile, vibratory ground improvement and construction anchor technologies.
With over 50 strategically located offices throughout the U.S., Layne's Water & Infrastructure Group is uniquely positioned to offer comprehensive, integrated solutions to solve the most demanding needs of our customers.
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.
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