Forterra Announces Strategic Exchange of Assets
February 01 2018 - 6:36PM
IRVING, Texas, Feb. 01, 2018 (GLOBE NEWSWIRE) --
Forterra, Inc. ("Forterra" or the "Company") (NASDAQ:FRTA), a
leading manufacturer of water and drainage infrastructure pipe and
products in the United States and Eastern Canada, today announced
that it has completed a transaction to exchange certain of its
drainage assets in Alabama, Georgia and Tennessee for assets owned
by Foley Products Company in Mississippi and Texas plus $10 million
in cash. While not expected to be material to Forterra's financial
results, the transaction reflects the Company's continued focus on
portfolio management to deliver long-term value by enhancing its
position in well-structured markets. The transaction is
subject to customary working capital adjustments.
About
Forterra
Forterra is a leading manufacturer of water and drainage pipe and
products in the U.S. and Eastern Canada for a variety of
water-related infrastructure applications, including water
transmission, distribution, drainage and stormwater management.
Based in Irving, Texas, Forterra's product breadth and significant
scale help make it a one-stop shop for water related pipe and
products, and a preferred supplier to a wide variety of customers,
including contractors, distributors and municipalities. For more
information on Forterra, visit http://forterrabp.com.
Forward-Looking
Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements may be identified by the use of words
such as "anticipate", "believe", "expect", "estimate", "plan",
"outlook", and "project" and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. Forward-looking statements should not be read
as a guarantee of future performance or results, and will not
necessarily be accurate indications of the times at, or by, which
such performance or results will be achieved. Forward-looking
statements are based on historical information available at the
time the statements are made and are based on management's
reasonable belief or expectations with respect to future events,
and are subject to risks and uncertainties, many of which are
beyond the Company's control, that could cause actual performance
or results to differ materially from the belief or expectations
expressed in or suggested by the forward-looking statements.
Forward-looking statements speak only as of the date on which they
are made and the Company undertakes no obligation to update any
forward-looking statement to reflect future events, developments or
otherwise, except as may be required by applicable law. Investors
are referred to the Company's filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K, for
additional information regarding the risks and uncertainties that
may cause actual results to differ materially from those expressed
in any forward-looking statement.
CONTACT:
David Lawrence
Vice President, Treasury and Investor Relations
Forterra, Inc.
469.299.9113
IR@forterrabp.com
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Forterra, Inc. via Globenewswire
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