Aegion accomplishes Fyfe’s Asian & Latin American biz buyouts
Aegion Corporation announced the closing of its purchases of the Asian and Latin American operations of Fyfe Group, LLC. The price for these acquisitions was $40.7 million (united states dollar) and moreover $2.2 million (united states dollar), Respectively.
the purchase of Fyfe Group’s Asian operations, which could based in Singapore, Includes its surgeries in Singapore, Hong Kong, Malaysia, asia, indonesia and Brunei. Customers in India and China will be served through an upmarket product supply and license agreement.
Fyfe Group opened its first Asian office in the late 1990s and subsequently has grown to nearly 100 employees. purchasing also includes the patent portfolio of Fyfe Asia. Fyfe Asia continues to actively research and develop improved products and processes for the structural repair, fortifying and restoration of buildings, Bridges and other structure using advanced composites.
j. ernest Burgess, President and ceo of Aegion Corporation, listed, “The acquisition of the north american business of Fyfe Group, LLC in August 2011 was transformative for our Company and was the foundation for our Commercial & Structural platform. These latest acquisitions execute part of the plan we announced in August to also acquire Fyfe Group’s Asian, European and Latin American shops. We remain focused on continuing to execute that plan and expect to complete the ecu acquisition within the coming months.”
Burgess persistent, “The highly valued loss team for Fyfe Asia is led by Mr. Sim Moe tiny, Senior Vice President and gm. mister. Sim continues in this role and will focus on delivering on high-Growth sales goals for every one of the Asian operations.”
mr. Sim mentioned, "My team and I are thrilled to be part of the Aegion team. We fully expect that our combined technology, Scale and innovation will accelerate both Fyfe's and Aegion's growth through out Asia.”
Fyfe’s Latin America operation is headquartered in San Salvador, El Salvador and includes action in Chile, Columbia, costa rica, El Salvador, panama and Peru. Aegion believes the Latin American region is ripe for growth and expects to build on the successes qualified to date in each of the countries in which Fyfe Latin America operates. Aegion expects that these in business groups, Initially arranged from 2007 to 2011, get each year robust growth. Aegion expects to invest in developing the market and further expansion in the region.
“The management team of Fyfe Latin America remains in place and will lead ebay to increased success,” alleged Erick Argueta, being able Director of Fyfe Latin America. Argueta continual, “We are excited to have joined the larger Aegion organization and expect the time it brings will further accelerate Fyfe’s growth in Latin America.”
Aegion expects the Fyfe Asia and Fyfe Latin America acquisitions to be accretive to earnings in 2012 (Before acquisition contract expenses). The cost for the acquisitions was funded out of the Company’s cash balances and by borrowing $18 million against the Company’s line of credit.
for you to the year ended December 31, 2011, Fyfe Asia had consolidated revenues and consolidated EBITDA of $25.8 million (united states dollar) as $4.3 million (united states dollar), Respectively. for a similar period, Fyfe Latin America had consolidated revenues and consolidated EBITDA of $2.2 million (usd) and / or $800,000 (united states dollar), Respectively.
Aegion Corporation is a global leader in system protection, Providing proprietary technologies and services to drive back the corrosion of industrial pipelines and for the rehabilitation and strengthening of sewer, water, Energy and mining piping systems and houses in the area, bridges, Tunnels and oceanfront structures. More information about Aegion can be found on its internet site at .
Fyfe corp, A subsidiary of Aegion firm, Has been a pioneer in adapting fiber strong polymer (“FRP”) Composites for use in the building rehabilitation sector including structural repair and reinforcements for buildings, Corrosion wrapping for beach structures, Seismic bracing for support frames, Leak policy cover for large diameter pipelines and blast protection systems for commercial and government properties.
FRP tools use fibers (graphite, fiberglass, Kevlar) in combination with polymlymer resins to form a composite product. FRP materials have transformed the aerospace, sea, electric powered, deterioration,corrode-a level of resistance and transportations industries. FRP composites capitalize on their high strength-to be-Weight ratio and inherent capacity weather and the corrosive
effects of water, sodium air and sea water..
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