Insituform closes acquisition Hockway businesses

Insituform closes acquisition of Hockway businesses

1:20 PM, 4th August 2011
Insituform closes acquisition of Hockway businesses

 

ST LOUIS, US: Insituform Technologies Inc has closed acquisition of the business and assets of Hockway Limited, based in the United Kingdom and the capital stock of Hockway Middle East FZC, based in the United Arab Emirates. The cash purchase price of $4.6 million payable at closing was funded from the company’s cash balances. Hockway shareholders also may be paid up to an additional $1.5 million upon achievement of certain performance targets during the three-year period ending December 31, 2013.

For 2010, Hockway had total revenues of approximately $10 million and EBITDA of approximately $0.9 million. 

“Acquisition of Hockway, expands Insituform’s Energy and Mining business, particularly with respect to the Middle East. We believe that the expanded product and service offering of our Energy and Mining group uniquely positions the company to serve the energy and mining industries,” said Dorwin Hawn, Senior VP, Energy and Mining, Insituform.

“Hockway is excited about the opportunity to offer complementary products and services to a broader set of customers globally. Insituform and its many business units, specifically Corrpro Companies, are perfectly positioned to help us grow and increase the product offerings,” said Alistair Ketner, CEO, Hockway.

(C) WOC News

 

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