Sale to help company focus on core piping systems business strategy
CHESTERFIELD, Mo., Nov. 4, 2002 -- Insituform Technologies Inc. has completed the sale of certain assets and contracts of the Kinsel Highway Maintenance business effective October 31, 2002 to Main Lane Industries, Ltd. for $4.2 million, which is comprised of $2.7 million in cash and a $1.5 million subordinated note.
Commenting, Anthony W. (Tony) Hooper, Chairman of the Board, President and Chief Executive Officer of Insituform, stated, "We are pleased to be able to sell this business to Main Lane Industries, Ltd. This represents the final sale of the portion of Kinsel that did not fit our overall business strategy."
Insituform Technologies, Inc. is a worldwide provider of proprietary technologies and services for rehabilitating sewer, water and other underground piping systems without digging and disruption. More information about Insituform can be found on its Internet site at www.insituform.com.
