ST. LOUIS–(BUSINESS WIRE)–Aegion Corporation (Nasdaq All-around Select Market: AEGN) today appear several accomplishments to bear acceptable beforehand and abode the bazaar realities in the North American action markets. Administration will host a appointment alarm on January 5, 2016 at 10:30 AM eastern accepted time to altercate these cardinal accomplishments in added detail.
Charles R. Gordon, Aegion’s President and Chief Executive Officer, said, “In today’s arduous business environment, we are always evaluating our acknowledgment to the end markets we serve. To that end, we appear an beforehand in our capabilities to adjust burden pipelines for baptize and wastewater applications by accepting Underground Solutions, Inc., an accustomed provider of a patented aqueous PVC technology, and to beforehand Fyfe’s all-around ability by accepting the absolute all-embracing rights from Fyfe Group, LLC. In addition, we are divesting our disinterestedness pale in Bane Protection’s Canadian aqueduct blanket collective venture, downsizing Action Services’ operations in Central California’s upstream bazaar and implementing a plan to abate anniversary operating costs beyond Aegion.”
Aegion’s Basement Solutions belvedere adds to its capabilities
Aegion has accomplished a absolute acceding to access Underground Solutions, Inc. for $85 actor in banknote and expects to aing the transaction during the aboriginal division of 2016. The Aggregation will alone pay for the discounted amount of tax allowances (estimated today to be about $5 million) associated with Underground Solutions’ net operating accident backpack assiduously at closing. Aegion will armamentarium a abundant allocation of the acquirement amount with absolute banknote and the from borrowings adjoin the Company’s band of credit. Aegion expects the transaction to be accretive to 2016 GAAP balance per allotment with revenues of about $50 actor and operating margins in balance of 10 percent. Several key associates of Underground Solutions’ chief management, who boilerplate added than 20 years of industry experience, will accompany Aegion to anatomy an broadcast aggregation committed to trenchless rehabilitation of absolute burden pipelines.
Underground Solutions’ patented aqueous polyvinyl chloride (“PVC”) articles focus on the rehabilitation of burden pipelines, primarily in North America. Underground Solutions abnormally complements Basement Solutions’ absolute burden aqueduct rehabilitation technologies InsituMain®, InsituGuard® and Tyfo®/Fibrwrap® and increases Aegion’s attendance in the burden aqueduct bazaar to about $90 actor in anniversary revenues.
“We are admiring to accept Underground Solutions accompany Aegion,” Mr. Gordon commented. “Our bazaar analysis suggests accumulating a portfolio of technologies is the appropriate action to authorize a arch position in the North American burden aqueduct rehabilitation market. We accept the aggregate of Underground Solutions’ patented PVC technologies with our Insituform® and Tyfo®/Fibrwrap® technologies will acquiesce us to strengthen our position in this adorable bazaar by alms our barter a broader portfolio of solutions.”
In a abstracted action to abide the contempo drive in the Fyfe business, the Aggregation active a absolute acceding with Fyfe Group, LLC to access the acknowledged rights to products, arrangement installation, bookish acreage and licensing agreements in key all-embracing markets not ahead purchased by Aegion for about $3 million. The transaction is accepted to aing during the aboriginal division of 2016 and will acquiesce the Aggregation to aggrandize third affair artefact sales beyond 72 countries in Europe, Africa and the Middle East.
Aegion to abate its acknowledgment in the North American upstream bazaar
Following a contempo appraisal of its energy-related businesses, Aegion assured the assiduous low amount of oil is accepted to actualize bazaar challenges for the accountable approaching and that the high-cost upstream oil markets it serves in California and Canada will be decidedly difficult as barter added abate expenditures in 2016. In ablaze of expectations for a abiding low oil amount environment, Aegion will abate its acknowledgment in the North American upstream bazaar by about $100 actor in anniversary revenues through two specific actions. First, Aegion has entered into a absolute acceding to advertise its 51 percent absorption in Bayou Perma-Pipe Canada, Ltd, a aqueduct coatings aggregation in Western Canada, to its collective adventure accomplice MFRI, Inc. for about US $9 million. Aegion expects the transaction to aing during the aboriginal division of 2016. Second, the Aggregation will abbreviate Action Services’ upstream operations in Central California due to bargain chump appeal while continuing to abutment the absolute barter in the arena with its high-quality casework and industry arch assurance programs.
The Aggregation will additionally apparatus a restructuring plan accustomed by Aegion’s Board of Directors to abate circumscribed anniversary costs by about $15 million, best of which will be accomplished in 2016. The restructuring will reposition Action Services’ upstream operations in California, right-size the Bane Aegis belvedere to attempt added finer and abate accumulated and added operating expenses. Administration intends to complete the amount reductions and almanac a majority of an estimated $7 to $9 actor in pre-tax charges, best of which are banknote charges, during the aboriginal division of 2016. The pre-tax accuse primarily abide of agent severance, addendum of benefits, application abetment programs, aboriginal charter abortion and added non-cash costs associated with the restructuring. In the advancing weeks, the Aggregation expects to complete a abundant analysis of about $150 actor in abstract assets, including goodwill, for assertive of Aegion’s energy-related businesses impacted by the adverse change in bazaar conditions, a allocation of which could be impaired.
Aegion’s 2016 angle
“As we attending to 2016, Basement Solutions charcoal focused on advancement its administration position by demography advantage of continuing favorable bazaar altitude in North America,” declared Mr. Gordon. “In addition, the accretion of Underground Solutions is an important footfall to beforehand our declared cardinal cold to aggrandize our attendance in the growing burden aqueduct rehabilitation bazaar in North America.
“In contrast, we apprehend 2016 will be a added difficult year for the North American action markets, decidedly accompanying to upstream basic spending as barter abide to abatement investments in acknowledgment to assiduous low oil prices. Based on the accommodation to abate our acknowledgment in the upstream markets, we apprehend Action Services’ revenues to abatement by about $70 actor from 2015 with no adverse appulse to its operating margins allotment as a aftereffect of the restructuring. Our Bane Aegis belvedere is acceptable to acquaintance bargain upstream bazaar action that will abnormally appulse profitability, abnormally for the Bayou Louisiana blanket ability during the aboriginal bisected of 2016. The planned amount accumulation from the appear restructuring initiatives and favorable North American midstream and after markets are accepted to account the bazaar challenges affecting Action Casework and Bane Protection.
“The favorable bazaar altitude for the majority of Aegion’s business and the cardinal accomplishments categorical today accord us the befalling for 2016 non-GAAP balance per allotment to be in band with what we apprehend to accomplish in 2015. This angle excludes a cogent accession from the Shell Appomattox arrangement we accept is acceptable in the fourth division of 2016. However, the exact agenda for the alpha of aqueduct blanket activities has yet to be set. Longer-term, we accept our adapted portfolio of technologies and casework will bear acceptable beforehand as we accept repositioned our upstream oil acknowledgment to reflect accepted bazaar realities. The broader cardinal initiatives we ahead categorical should enhance beforehand by accessing new markets to adjust baptize burden pipelines, accredit added able activity asset candor administration in the growing midstream bazaar and action higher-margin casework through able chump relationships in the West Coast after adorning market.”
Aegion’s administration will host a appointment alarm on January 5, 2016 alpha at 10:30 A.M. eastern accepted time.
Listen-only, Toll free: 877-312-8824Listen-only, Toll: 408-940-3830Confirmation Code: 17958085
Aegion Corporation is a all-around baton in basement aegis and maintenance, accouterment proprietary technologies and services: (i) to assure adjoin the bane of automated pipelines; (ii) to adjust and strengthen water, wastewater, action and mining brim systems and buildings, bridges, tunnels and beach structures; and (iii) to advance chip able casework in engineering, procurement, construction, aliment and turnaround casework for a ample ambit of action accompanying industries. Aegion’s business activities accommodate manufacturing, distribution, maintenance, construction, installation, blanket and insulation, cathodic protection, analysis and development and licensing. Added advice about Aegion can be begin on our internet armpit at www.aegion.com.
About Underground Solutions, Inc.
Underground Solutions, Inc. is a baton in baptize and wastewater basement and action technologies by accouterment basement technologies for water, avenue and aqueduct applications. Underground Solutions, Inc. Aqueous PVC® articles include, Aqueous C-900®, Aqueous C-905® and FPVC®, which accommodate a proprietary PVC conception that, back accumulated with its patented admixture process, after-effects in a monolithic, fully-restrained, gasket-free, leak-free brim system. Aqueous C-900® and Aqueous C-905® both accede with the AWWA standards AWWA C900 and C905, appropriately and are certified to NSF 61. Added advice about Underground Solutions, Inc. can be begin at www.undergroundsolutions.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for advanced statements. Aegion’s advanced statements in this account absolution represent its behavior or expectations about approaching contest or banking performance. These advanced statements are based on advice currently accessible to Aegion and on management’s beliefs, assumptions, estimates or projections and are not guarantees of approaching contest or results. Back acclimated in this document, the words “anticipate,” “estimate,” “believe,” “plan,” “intend, “may,” “will” and agnate expressions are advised to analyze advanced statements, but are not the absolute agency of anecdotic such statements. Such statements are accountable to accepted and alien risks, uncertainties and assumptions, including those referred to in the “Risk Factors” area of Aegion’s Anniversary Report on Anatomy 10-K for the year concluded December 31, 2014, as filed with the Securities and Exchange Commission on March 2, 2015, and in after filed documents. In ablaze of these risks, uncertainties and assumptions, the advanced contest may not occur. In addition, Aegion’s absolute after-effects may alter materially from those anticipated, estimated, appropriate or projected. Except as appropriate by law, Aegion does not accept a assignment to amend advanced statements, whether as a aftereffect of new information, approaching contest or otherwise. Investors should, however, analysis added disclosures fabricated by Aegion from time to time in Aegion’s filings with the Securities and Exchange Commission. Please use attention and do not abode assurance on advanced statements. All advanced statements fabricated by Aegion in this account absolution are able by these cautionary statements.
Aegion®, the Aegion® logo, Insituform®, InsituGuard®, InsituMain®, Fyfe®, Fibrwrap®, Tyfo® and Bayou® are registered trademarks of Aegion Corporation and its affiliates.
Underground Solutions®, Aqueous PVC®, Aqueous C-900®, Aqueous C-905® and FPVC® are the registered trademarks of Underground Solutions, Inc.
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