01 August 2011
01 August 2011
Insituform Technologies has signed an agreement to acquire the North American business of Fyfe Group.
Joe Burgess, President and Chief Executive Officer of Insituform, stated “The current addressable market for FRP composites for construction rehabilitation projects in the United States is approximately $650 million. We believe that this market will grow to more than $1.4 billion by 2016. Fyfe Group, through its existing proprietary technologies and based on its exemplary record of development and innovation of FRP products and solutions for this market, is well positioned to capture high value growth as FRP composite technologies gain further acceptance in high growth infrastructure markets.”
Burgess further stated, “Insituform’s acquisition of Fyfe Group will complement Insituform’s existing pipe protection capabilities, create cross-selling opportunities, increase the global market opportunity of Insituform’s existing business, and diversify the Company’s presence across end-markets. This acquisition also provides a unique opportunity for us to expand our business beyond pipelines, building upon our experience in protecting valuable infrastructure assets. We are excited how Fyfe Group’s business fits together with our existing platform.”
Commenting on the acquisition, Ed Fyfe, Chairman of Fyfe Group, said, ""We are excited about working with Insituform. This transaction provides a unique opportunity to offer complementary products and services to a broader set of customers globally. Fyfe’s history of innovation, technological development and leadership mirrors Insituform’s.”
Heath Carr, Chief Executive Officer of Fyfe Group, stated, “The combined company will provide a product and service offering for the strengthening, protection and rehabilitation of valuable infrastructure assets that will rival any competitor. Insituform is perfectly positioned to help Fyfe Group achieve its growth objectives. The entire Fyfe team is excited about this relationship.”
Fyfe Group’s senior management team, including Ed Fyfe and Heath Carr, will remain with the company and be responsible for its day-to-day operations, growth and continued technological innovation following the closing.
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