MISSION WOODS, Kan., July 29, 2010 (GLOBE NEWSWIRE) -- Layne Christensen Company (Nasdaq:LAYN) today announced the acquisition of Intevras Technologies, LLC ("Intevras"), a privately held holding company of Industrial Water Treatment Processes located in Austin, Texas. The acquisition purchase price was $5.5 million plus future incentives and was funded from Layne Christensen's current cash balances.
Intevras focuses on the treatment, filtration, handling and evaporative crystallization and disposal of industrial wastewaters. With two primary technologies, the EVRAS Evaporative System and the INTEGRA Automated Disk Filtration System, Intevras' recent activities in the Barnett and Marcellus Shales positions it as one of the leaders in the treatment and disposal of heavy brine waters in the oil and gas markets.
Greg Aluce, Layne Division President, said, "The INTEGRA filter provides solids separation to the five micron particle size, and the EVRAS technology provides mobile evaporative reduction, concentration and solidification of industrial waste streams. The capability of the INTEGRA filter to remove solids to such low levels without changing media combined with the ability of the EVRAS units to employ waste heat in the evaporative process is a huge plus. Additionally, a small footprint combined with mobility allow this technology to be applied to shale gas water treatment as well as power, food and beverage and municipal applications dealing with re-use and waste minimization. This acquisition is strategically aligned with Layne's focus on expanding our water treatment offerings and residuals management capabilities."
Thomas Lucario, CEO of Intevras, commented, "This is an exciting time for all of us at Intevras. With James J. Harris, the founder and inventor of our technology, I look forward to being part of the Layne Christensen family. The resources, experience and customer base that Layne provides will help us expand our market base not only in the oil and gas industry but in other industries as well. Our goal is to make Layne the leader in Zero Liquid Discharge applications."
Layne Christensen Company's water services include single source, full service capabilities encompassing expertise in geosciences, water well drilling, pumps, water and wastewater transmission infrastructure and water and wastewater treatment. The company offers advanced treatment technologies for the removal of arsenic, iron, manganese, radionuclides, perchlorate, nitrate and volatile organic contaminants. With over 50 strategically located offices throughout the U.S., Layne is uniquely positioned to offer comprehensive, integrated solutions and services for the extraction and purification of groundwater and surface water for municipalities, investor owned utilities, industrial, power and agriculture sectors.
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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. Such statements may include, but are not limited to, statements of plans and objectives, statements of future economic performance and statements of assumptions underlying such statements, and statements of management's intentions, hopes, beliefs, expectations or predictions of the future. Forward-looking statements can often be identified by the use of forward-looking terminology, such as "should," "intended," "continue," "believe," "may," "hope," "anticipate," "goal," "forecast," "plan," "estimate" and similar words or phrases. Such statements are based on current expectations and are subject to certain risks, uncertainties and assumptions, including but not limited to prevailing prices for various commodities, unanticipated slowdowns in the Company's major markets, the risks and uncertainties normally incident to the construction industry and to the exploration for and development and production of oil and gas, the impact of competition, the effectiveness of operational changes expected to increase efficiency and productivity, worldwide economic and political conditions and foreign currency fluctuations that may affect worldwide results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially and adversely from those anticipated, estimated or projected. These forward-looking statements are made as of the date of this release, and the Company assumes no obligation to update such forward-looking statements or to update the reasons why actual results could differ materially from those anticipated in such forward-looking statements.
Layne Christensen Company provides products and services for the water, mineral, construction and energy markets.