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Press Releases

Layne Christensen Company Acquires Interest in South American Geotechnical Companies

MISSION WOODS, Kan., Aug. 25, 2010 (GLOBE NEWSWIRE) — Layne Christensen Company (“Layne”) (Nasdaq:LAYN) today announced the acquisition of a 50% interest in Diberil Sociedad Anonima, a Uruguayan company and parent company to Costa Fortuna (Brazil and Uruguay). Costa Fortuna, with operations in Sao Paulo, Brazil and Montevideo, Uruguay, is one of the largest providers of specialty foundation and specialized marine geotechnical services in South America. Layne has mineral exploration operations already in Brazil and sees the expansion of its geotechnical construction business into this market as a very strategic opportunity. Costa Fortuna, with 250 employees, produced approximately $25 million in revenue and $4.5 million in earnings before interest, income taxes, depreciation and amortization for the year ended December 31, 2009. Layne’s investment for its 50% interest included the purchase of shares from individuals for $10.1 million and the purchase of shares directly from Diberil for $4.8 million resulting in, net of Layne’s interest in Diberil, an economic investment of $12.5 million. Subsequent to the acquisition, both shareholders contributed $1.25 million in cash for working capital. In addition, and as part of this transaction, Diberil purchased from Layne 100% of the stock of Layne GeoBrazil for $4.8 million. Layne will record activity from its investment in Diberil as equity in earnings of affiliates.

[Editor] Click through for the rest of the press release. [/Editor] […]

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