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AEGN - Aegion News Story

$25.72 -0.1  -0.3%

Last Trade - 03/03/21

Sector
Industrials
Size
Mid Cap
Market Cap £569.0m
Enterprise Value £682.1m
Revenue £801.1m
Position in Universe 3015th / 6642

Aegion Corporation Announces Plans to Divest Energy Services Segment to Focus on Core Municipal Wastewater and Drinking Water Markets

Mon 14th December, 2020 2:30pm
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ST. LOUIS, Dec. 14, 2020 (GLOBE NEWSWIRE) -- Aegion Corporation
(https://www.globenewswire.com/Tracker?data=Nnq0gL07K9Z3iy43lN4ukhp40V2RVV7OXcBurPQq6Cqx9_KrzWFrI7BXmfIYULJM-Yjp1OwbZDMaZox7rixmHw==)
(NASDAQ:AEGN) today 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.

Charles R. Gordon, Aegion’s President and CEO, said, “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.
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.

About Aegion Corporation (NASDAQ: AEGN)
Aegion combines innovative technologies with market-leading expertise to
maintain, rehabilitate and strengthen infrastructure around the world. Since
1971, the Company has played a pioneering role in finding transformational
solutions to rehabilitate aging infrastructure, primarily pipelines in the
wastewater, water, energy, mining and refining industries. Aegion also
maintains the efficient operation of refineries and other industrial
facilities. Aegion is committed to Stronger. Safer. Infrastructure.(®)

More information about Aegion can be found at www.aegion.com.

Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe
harbor” for forward-looking statements. Aegion’s forward-looking
statements in this news release represent its beliefs or expectations about
future events or financial performance. These forward-looking statements are
based on information currently available to Aegion and on management’s
beliefs, assumptions, estimates or projections and are not guarantees of
future events or results. When used in this document, the words
“anticipate,” “estimate,” “believe,” “plan,” “intend,”
“may,” “will” and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of identifying
such statements. Such statements are subject to known and unknown risks,
uncertainties and assumptions, including those referred to in the “Risk
Factors” section of Aegion’s Annual Report on Form 10-K for the year
ended December 31, 2019, filed with the Securities and Exchange
Commission on March 2, 2020, and in subsequently filed documents, and, in
particular, the impact of the current COVID-19 virus outbreak and the evolving
response thereto. In light of these risks, uncertainties and assumptions, the
forward-looking events may not occur. In addition, Aegion’s actual results
may vary materially from those anticipated, estimated, suggested or projected.
Except as required by law, Aegion does not assume a duty to update
forward-looking statements, whether as a result of new information, future
events or otherwise. Investors should, however, review additional disclosures
made by Aegion from time to time in Aegion’s filings with the Securities
and Exchange Commission. Please use caution and do not place reliance on
forward-looking statements. All forward-looking statements made by Aegion in
this news release are qualified by these cautionary statements.

Aegion(®) and the Aegion(®) logo are the registered trademarks of Aegion
Corporation and its affiliates.

For more information, contact:
Katie Cason
Senior Vice President, Strategy and Communications
636-530-8000 | kcason@aegion.com


(https://www.globenewswire.com/NewsRoom/AttachmentNg/4b53c002-d00a-4237-af74-3846b0f05d27)



GlobeNewswire, Inc. 2020
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