ST. LOUIS (Aug. 3, 12:15 p.m. ET) — Specialty pipe maker Insituform Technologies Inc. is expanding globally with several acquisitions.
On Aug. 3, the St. Louis-based company announced that it has purchased the business and assets of Hockway Ltd., based in the United Kingdom, and the capital stock of Hockway Middle East FZC, based in the United Arab Emirates, for $4.6 million. Hockway shareholders also may be paid up to an additional $1.5 million if the company reaches certain performance targets by Dec. 31, 2013.
Hockway was established in 1975 to serve oil and gas operators in the Middle East. In 2009, Hockway established operations in Dubai, United Arab Emirates. In 2010, Hockway had total sales of about $10 million and a profit of about $900,000.
Insituform Technologies, Inc. Announces Agreement to Acquire North American Business of Fyfe Group and Option to Acquire Fyfe Group's Asian, European and Latin American Operations
On July 27, Insituform signed an agreement to buy the North American business of Fyfe Group LLC for $115.8 million. Insituform also has an option to buy Fyfe's Asian, European and Latin American operations.
Fye is based in San Diego, and makes and installs fiber-reinforced plastic systems for the structural repair, strengthening and restoration of pipelines, buildings, bridges and tunnels, and waterfront structures.
In 2010, Fyfe had North American sales of about $45.1 million and profit of $10.4 million.
