Insituform Technologies, Inc. Expands Asian Operation Through Acquisition of Singapore Licensee
Feb 15, 2010
ST. LOUIS, MO – Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) today announced its acquisition of Insitu Envirotech (S.E. Asia) Pte Ltd, its former licensee in Singapore ("Insitu S.E. Asia"), for US $1.3 million.
Insituform’s proprietary trenchless products, including iPlus Infusion® for sewer pipelines and InsituMain™ for water pipelines, are well suited for this market and should allow Insituform to significantly expand Insitu S.E. Asia’s operations."
Cowan further commented, "This acquisition also allows Insituform to expand its third-party CIPP tube sales into the Singapore market, which previously had been prohibited by the terms of the exclusive license agreement held by Insitu S.E. Asia. Insituform already has received orders for approximately 80 miles (approximately US $1.7 million) of CIPP tube in Singapore. We believe that third-party tube sales will provide a meaningful contribution to this business in 2010 and beyond."
Insitu S.E. Asia, an ISO 9001:2008 and OSHA 18001:2007 certified company, has provided trenchless rehabilitation services in Singapore for more than 15 years, most recently as a subsidiary of IJM Corporation Berhad, one of the largest contracting companies in Asia.
Insituform Technologies, Inc
David F. Morris
Senior Vice President and Chief Administrative Officer
17988 Edison Avenue
Chesterfield, MO 63005
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