Insituform Technologies Announces New Joint Venture in Saudi Arabia

Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced June 27 the creation of a joint venture in Saudi Arabia between Saudi Trading & Research Co., Ltd. (STARC) and Corrpro Companies Inc., a subsidiary of Insituform.

Based in Al-Khobar, Saudi Arabia since 1992, STARC delivers a wide range of products and services for its clients in the oil, gas, power and desalination industries. STARC’s clients include Saudi Aramco, SABIC, SWCC and SEC.

The joint venture, Corrpower International Limited, which is 70 percent owned by Corrpro and 30 percent by STARC, will provide a fully integrated corrosion protection product and service offing to government and private sector clients throughout the Kingdom of Saudi Arabia, including engineering, product and material sales, construction, installation, inspection, monitoring and maintenance. The joint venture will serve as a platform for the continued expansion of Insituform’s Energy and Mining group in the Middle East.

Dorwin Hawn, senior vice president of Insituform’s Energy and Mining group, said, “Insituform’s Energy and Mining platform is focused on expanding its geographic reach in the Middle East. We expect our partnership with STARC will allow us to quickly provide valuable pipeline protection solutions throughout Saudi Arabia. Corrpro has had operations in the Middle East since 2006.”

STARC managing director Ahmed Nazir said, “We are delighted to enter into this joint venture with Corrpro. Corrosion problems are on the rise in Saudi Arabia and adding corrosion control solutions to our portfolio is important. The venture will enable us to provide these services by capitalizing on Corrpro’s extensive international and regional expertise and on STARC’s strong local presence. We are extremely optimistic about the future and look forward to working with Corrpro and Insituform.”