Sewer rehab company Insituform completes internal reorganization, forms new parent company
Insituform Technologies has completed an internal reorganization and emerged with a new Delaware parent holding company, Aegion Corporation...
ST. LOUIS, MO, Oct. 27, 2011 -- Insituform Technologies Inc. (Nasdaq Global Select Market: INSU) has completed an internal reorganization whereby a new Delaware parent holding company, Aegion Corporation, has been created.
Aegion will provide corporate and administrative services for its operating subsidiaries (Insituform Technologies, The Bayou Companies, Corrpro Companies, United Pipeline Systems, CRTS, Fibrwrap Construction Services and Fyfe). In the new structure, Aegion replaces Insituform as the public company, and Insituform and its former direct subsidiaries are now direct subsidiaries of Aegion. Aegion's common stock is traded on the Nasdaq Global Select Market under its new symbol "AEGN."
The management and board of directors of Aegion are identical to that of Insituform prior to the reorganization, as are the certificate of incorporation, bylaws and other corporate governance documents.
J. Joseph Burgess, President and Chief Executive Officer of Insituform, and now Aegion, said: "The Insituform name represents where we came from. It identified the flagship technology that is closely aligned to the trenchless sewer rehabilitation business upon which this company depended for so many years.
"This company has now developed beyond those roots," he said. Aegion reflects our new mission of extending our leadership capabilities to furnish products and services to provide long-term protection for water and wastewater pipes, oil and gas pipelines, as well as commercial and governmental structures and transportation infrastructure."