Insituform Technologies, Inc. has completed its purchase of the business of Insituform East, Inc., including selected assets, for approximately $5.5 million in cash.
Insituform East, Inc. was the final remaining independent licensee of the Insituform(R) cured-in-place pipe (CIPP) process and NuPipe(R) form and fold process in North America. Along with the business, selected assets such as equipment, inventory, backlog, and license rights were included in the deal.
"We are pleased to announce the completion of the Insituform East purchase. This marks the integration of the final remaining North American licensee of the Insituform CIPP process into Insituform's operations. The opportunity for expansion in this region is extremely appealing, and we believe that we have taken the steps to sustain a competitive advantage in this environment," Thomas S. Rooney, Jr., president and chief executive officer of Insituform, said.