Layne Christensen Company Acquires Wildcat Civil Services
March 22 2011 - 3:13PM
Layne Christensen Company ("Layne") (Nasdaq:LAYN) today announced
the recent acquisition on February 28, 2011 of Wildcat Civil
Services (Wildcat), a cured-in-place rehabilitation company based
in Kiowa, Colorado. Wildcat provides pipeline rehabilitation
services to clients along the Rocky Mountain front range and
throughout the mid-central United States. Total twelve months
trailing revenue was approximately $16,000,000 and earnings before
interest, income taxes and depreciation was approximately
$1,500,000. The purchase price was $8,885,000.
Larry Purlee, President of Layne's full service rehabilitation
business, Reynolds Inliner, said, "The Wildcat acquisition joins
two cured-in-place lining companies that individually bring added
value, but together create significant synergies. Reynolds has
the Inliner technology and the capability to perform a variety of
other rehabilitative services for clients and Wildcat provides the
avenue and added personnel through which we can provide those
services to the western United States. The move gets Reynolds
Inliner one step closer to nationwide coverage."
Tim Carroll, manager of Wildcat's Colorado division, stated "We
are excited to become part of the nationally recognized Inliner
group. This relationship gives us access to technology and
product advances as well as additional resources that can help us
improve and expand our cured-in-place pipe and other rehabilitative
capabilities."
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," "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 products and services for the
water, mineral, construction and energy markets.
The Layne Christensen Company logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3466
CONTACT: Layne Christensen Company
Jerry W. Fanska
Sr. Vice President Finance
913-677-6858
jwfanska@laynechristensen.com
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