Layne Christensen Announces New Venture in Water Resource Development, Management

Layne Christensen Company announced today that it has formed a new company to pursue opportunities in the areas of risk management and financial services for water resources, water rights, resource acquisition, development and management.

The new company will manage water-related risks and opportunities for clients from the energy, high tech, real estate and investment sectors. The company intends to acquire and develop water assets with a focus on combining sustainable water resources with financial services for a total solution for water-short areas primarily in the United States.

Layne's partner in this effort will be Western Development and Storage, LLC (WDS), whose leading principals are Disque Deane Jr. and D. Cole Frates. The new company will be called Layne Water Development and Storage, LLC (LWDS).

Andrew B. Schmitt, president and chief executive officer of Layne Christensen Company, stated: "We held off entering this market for a number of years. Although we felt it had enormous potential, we were concerned with the difficulties early entrants into the market were encountering. In our opinion, these companies laid a lot of good groundwork and advanced the state of public/private partnerships, but timing, bureaucracy, and the many vested interests negated much of their progress. We also felt most entrants understood the `deal' side but did not have the history, credibility, marketing network and construction skills ... What makes this new company different is that we combined those extensive resources with individuals whose skill sets are strongest in the areas of risk management, financing, acquiring and developing water assets."

Based in Mission Woods, Kansas, Layne Christensen Company provides services and related products for the water supply, mineral exploration, geotechnical construction and oil and gas markets.

Source: Business Wire