November 22, 2011Insituform Technologies Inc. (Nasdaq Global Select Market: INSU) announced Oct. 25 the completion of an internal reorganization whereby a new Delaware parent holding company, Aegion Corp., has been created to provide corporate and administrative services for its operating subsidiaries.
In the new structure, Aegion replaces Insituform as the public company and Insituform and its former direct subsidiaries (The Bayou Companies, Corrpro Companies, United Pipeline Systems, CRTS, Fibrwrap Construction Services and Fyfe) 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.
Insituform and Aegion president and CEO J. Joseph Burgess said: “There are inflection points in every company’s evolution, moments that reflect a major shift in strategy. That moment came for Insituform in 2011 when for the first time our global sewer contracting business will represent less than 50 percent of our revenue, after representing approximately 88 percent of our revenue in 2007. This transition was the direct result of the implementation of our strategic plan to diversify into higher growth and higher return products and services in the energy and mining and high growth commercial and structural rehabilitation markets.”
“This company has now developed beyond those roots. Aegion (a combination of the Greek roots “Aegis” meaning a protective shield and “Eon” meaning a long period of time) 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. Our new corporate name and our new corporate structure are recognition of the company’s strategy to continue development in these new directions.