Aegion Corp. Plans to Focus on Municipal Wastewater and Drinking Water Markets
Aegion Corporation announced plans to divest the Company’s Energy Services segment, following Board of Directors’ approval and a review of strategic alternatives for the business that was previously announced on October 28, 2020.
Aegion Energy Services provides mission-critical maintenance, turnaround, construction and safety services at a majority of oil refineries on the U.S. West Coast. The business is led by a strong and tenured management team that has built longstanding relationships with leading blue-chip operators.
“The decision to divest Energy Services will further reduce Aegion’s oil & gas exposure and drive greater focus on our portfolio of pipeline rehabilitation technologies,” said Charles R. Gordon, Aegion’s president and CEO. “Going forward, the vast majority of our business will be based on helping communities provide critical drinking water and sewer services through systems that are safer and stronger, thanks to our proprietary technologies and engineering and contracting expertise.”
The Company has retained BofA Securities as an independent financial advisor to assist with the divestiture and expects to launch a formal sale process in January 2021.
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