SAINT LOUIS, MO., March 04, 2019 - Aegion Corporation (“Aegion” or the “Company”) (Nasdaq Global Select Market: AEGN) today announced it has realigned its Insituform business units in the United Kingdom to balance its organizational, capability, resources and cost structure to match the needs of the local market.
The announcement to close Insituform Technologies Ltd and the English division of Environmental Techniques Ltd operation based in Wakefield, England was made on Aegion’s quarterly earnings call on February 28, 2019. Existing contracts and business obligations will be fulfilled prior to the closure.
Insituform Linings Ltd, through its MTC product sales division, will now begin to penetrate the England and Wales market with both felt and glass liners. Historically, this market has not been a primary focus due to the presence of the English contracting division. “Insituform Linings is strategically placed to target contractors servicing the pipeline rehabilitation market in England and Wales, as well as the rest of the United Kingdom, through the supply of high-quality products and services to support the advancement of trenchless technology,” said Mark Bates, Managing Director of Insituform Linings Ltd. Based in Wellingborough, Insituform Linings Ltd manufactures both dry & resin impregnated CIPP felt & pressure liners up to diameter 2500mm and UV glass liners up to diameter 1200mm.
Environmental Techniques Ltd, based in Lisburn, Northern Ireland, will continue contracting operations in Ireland, Northern Ireland and Scotland. “We have an excellent customer base and will continue to expand our service offerings in these markets. We will continue to focus on delivering safe, high-quality projects at the best market value,” said Environmental Techniques Ltd Director Shauna Herron.
Vice President of International Operations, Joe Lane, added, “Insituform is a large player in the global pipeline rehabilitation industry and we intend to leverage our innovation, strengths and global resources to improve our ability to grow our business in Europe profitably and meet the needs of each individual market.”
Insituform Linings Ltd and Environmental Techniques Ltd are part of the world-leading Aegion Corporation’s group of trenchless rehabilitation companies. Aegion is a global leader in the development and installation of proprietary technologies, materials and services for rehabilitating sewer, water and other underground piping systems without digging or disruption.
About Aegion (NASDAQ: AEGN)
Aegion combines innovative technologies with market-leading expertise to maintain, rehabilitate and strengthen infrastructure around the world. Since 1971, the Company has played a pioneering role in finding transformational solutions to rehabilitate aging infrastructure, primarily pipelines in the wastewater, water, energy, mining and refining industries. Aegion also maintains the efficient operation of refineries and other industrial facilities. Aegion is committed to Stronger. Safer. Infrastructure.®
More information about Aegion can be found at http://www.aegion.com/.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Aegion's forward-looking statements in this news release represent its beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to Aegion and on management's beliefs, assumptions, estimates or projections and are not guarantees of future events or results. When used in this document, the words "anticipate," "estimate," "believe," "plan," "intend," "may," "will" and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Such statements are subject to known and unknown risks, uncertainties and assumptions, including those referred to in the "Risk Factors" section of Aegion's Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on March 1, 2018, and in subsequently filed documents. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, Aegion's actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, Aegion does not assume a duty to update forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by Aegion from time to time in Aegion's filings with the Securities and Exchange Commission. Please use caution and do not place reliance on forward-looking statements. All forward-looking statements made by Aegion in this news release are qualified by these cautionary statements.
Aegion®, the Aegion® logo, Insituform® and Stronger. Safer. Infrastructure.® are registered trademarks of Aegion Corporation and its affiliates.
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