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Chicago Bridge & Iron Company N.V. has signed a letter of intent to acquire the PDM Engineered Construction and PDM Water divisions of Pitt-Des Moines, Inc. Terms were not disclosed. The two divisions, which form a portion of PDM’s overall business, had combined revenues of $281 million in 1999. Completion of the transaction is subject to the satisfaction of certain conditions, including due diligence, financing and regulatory clearance. “PDM’s decision to sell their businesses has presented CB&I with a unique opportunity,” said Gerald M. Glenn, CB&I’s Chairman, President and CEO. “The acquisition could provide the next major step in our announced strategy to achieve significant growth in sustainable revenue, profitability and shareholder value. PDM has an established reputation for excellence in execution and project management in the engineering and construction industry. These divisions are solid, well-managed businesses and, like CB&I, they enjoy considerable growth prospects, particularly as the upturn in the hydrocarbon industry begins to take hold.” PDM’s Water division, headquartered in Pittsburgh, designs, fabricates and constructs water storage tank projects including conventional styles such as ground storage reservoirs and standpipes, steel elevated tanks and composite elevated tanks as well as unique projects involving one-of-a-kind tanks designed for specific applications. This division employs about 400 people and had 1999 revenues of $95 million.
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