Aegion Corp. Plans to Focus on Municipal Wastewater and Drinking Water Markets
Aegion Corporation announced plans to divest the Company’s Energy Services segment, following Board of Directors’ approval and a review of strategic alternatives for the business that was previously announced on October 28, 2020.
Aegion Energy Services provides mission-critical maintenance, turnaround, construction and safety services at a majority of oil refineries on the U.S. West Coast. The business is led by a strong and tenured management team that has built longstanding relationships with leading blue-chip operators.
“The decision to divest Energy Services will further reduce Aegion’s oil & gas exposure and drive greater focus on our portfolio of pipeline rehabilitation technologies,” said Charles R. Gordon, Aegion’s president and CEO. “Going forward, the vast majority of our business will be based on helping communities provide critical drinking water and sewer services through systems that are safer and stronger, thanks to our proprietary technologies and engineering and contracting expertise.”
The Company has retained BofA Securities as an independent financial advisor to assist with the divestiture and expects to launch a formal sale process in January 2021.
Related News
From Archive
- DeLa Express seeks FERC approval for Permian-to-Louisiana gas pipeline project
- Hudson Tunnel Project set to generate 95,000 jobs during construction phase, report says
- Charleston Water System settles huge lawsuit over sewer system damage caused by non-flushable wipes
- Boring machine 'Chessie' resumes drilling at Chesapeake Bay Bridge-Tunnel site after anchor incident
- Aegion continues western expansion with acquisition of underground utilities company Toncco
- Ditch Witch 1030
- 24th Annual Directional Drilling Survey
- Michigan lawmakers introduce bills to create septic codes throughout the state
- House passes Rep. Duarte's legislation to streamline water permitting processes in the Valley
- Court approves 3M settlement over ‘forever chemicals’ in public drinking water systems
Comments