MISSION WOODS, Kan., Dec 6, 2007 (PrimeNewswire via COMTEX News Network) -- Layne Christensen Company (Nasdaq:LAYN) has formally announced the acquisition of SolmeteX, a Northborough, Massachusetts-based company founded in 1994. SolmeteX is a developer of specialized chemistries and processes for the cost-effective removal of regulated toxins from both drinking water and wastewater. SolmeteX owns several proprietary technologies, including its Hg5-series of amalgam separators for mercury removal and the npXtra suite for the removal of arsenic and uranium. SolmeteX is the nationally recognized leader in the treatment of dental wastewater containing the neurotoxin mercury. The purchase price for the acquisition was $13,500,000 in cash and the acquisition is anticipated to be accretive in fiscal 2009, net of the research and development effort acquired with the business.
Layne Christensen's Water Resources Division President, Greg Aluce, stated, "This acquisition is a key component of our strategic plan to infuse our existing water and wastewater treatment product line with more sophisticated technology. SolmeteX is the first step in the process and brings a leading edge early stage product line in dental wastewater treatment, along with their research and development capabilities."
SolmeteX founder and CEO, Owen Boyd, commented, "Our entire team is extremely pleased and excited to be part of such a growing and dynamic company. Our technology inside the Layne Christensen organization will be a potent combination. The talents of our scientists and the resources of our laboratory facilities will be instrumental in the company's strategy to develop unique, high-end products in addressing the increased regulatory compliance the water and wastewater industry faces."
Layne Christensen Company's Water Resources Division provides single source, full service capabilities encompassing expertise in geosciences, well drilling, pumping, water transmission infrastructure, and water treatment. The company offers advanced treatment technologies for the removal of arsenic, iron, manganese, radionuclides, perchlorate, nitrate, and volatile organic compounds. With over 50 strategically located offices throughout the U.S., Layne's Water Resources Division is uniquely positioned to offer comprehensive, integrated solutions and services for the extraction and purification of groundwater and surface water for municipalities, investor owned utilities, industrial, and agriculture sectors.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. Such statements may include, but are not limited to, statements of plans and objectives, statements of future economic performance and statements of assumptions underlying such statements, and statements of management's intentions, hopes, beliefs, expectations or predictions of the future. Forward-looking statements can often be identified by the use of forward-looking terminology, such as "should," "will," "will be," "intended," "continue," "believe," "may," "hope," "anticipate," "goal," "forecast," "plan," "estimate" and similar words or phrases. Such statements are based on current expectations and are subject to certain risks, uncertainties and assumptions, including but not limited to prevailing prices for various commodities, unanticipated slowdowns in the Company's major markets, the risks and uncertainties normally incident to the construction industry and to the exploration for and development and production of oil and gas, the impact of competition, the effectiveness of operational changes expected to increase efficiency and productivity, worldwide economic and political conditions and foreign currency fluctuations that may affect worldwide results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially and adversely from those anticipated, estimated or projected. These forward-looking statements are made as of the date of this release, and the Company assumes no obligation to update such forward-looking statements or to update the reasons why actual results could differ materially from those anticipated in such forward-looking statements.
Layne Christensen Company provides sophisticated services and related products for the water, wastewater, mineral and energy markets.
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SOURCE: Layne Christensen Company