Leader in water transport pipelines acquired Utah-based precast concrete maker for $ 49.4 million
VANCOUVER, Washington, February 03, 2020 (GLOBE NEWSWIRE) – Northwest Pipe Company (NWPX), an industry leader in engineered piping systems for hydraulic infrastructure, has acquired Geneva Pipe Company, Inc. (“ Geneva ”), a Utah-based concrete manufacturer of pipes and precast concrete products. The transaction closed on January 31, 2020 and was funded by cash and debt.
This acquisition expands the capabilities of Northwest Pipe Company’s water infrastructure products by adding additional reinforced concrete pipe capacity and a full line of precast concrete products, including storm drains and manholes, sumps, vaults and curb inlets as well as innovative products that extend the life of concrete. pipes and manholes for sewer applications. Geneva, previously a private company, has approximately 140 employees and reported sales of approximately $ 43 million in 2019. Jefferies LLC advised Northwest Pipe Company.
Operations will continue with their current management and workforce at Utah’s three manufacturing plants in Geneva, located in Salt Lake City, Orem and St. George. Founded in Orem in 1956, the company is an integral part of infrastructure development in Utah and the Intermountain West.
“The acquisition of Geneva, which we expect will have an immediate impact on our financial results, is an important step in the continued growth of our company by serving a wider range of the hydraulic infrastructure market. By expanding into stormwater and wastewater manufacturing, we are strategically expanding our business, ”said Scott Montross, President and CEO of Northwest Pipe Company. “This transaction creates a stronger business while expanding our product offering to meet the strong demand created by our country’s aging infrastructure. “
Conference call on transactions – Northwest Pipe Company will host a conference call on February 7, 2020 at 7 a.m. PST to discuss the transaction. To listen to the slide presentation and live audio webcast, visit the Northwest Pipe Company website, www.nwpipe.com, on the Investor Relations page. For those who cannot listen to the live audio webcast, a replay will be available approximately one hour after the event on the Investor Relations page.
About Northwest Pipe Company – Founded in 1966, Northwest Pipe Company is the largest manufacturer of engineered steel water pipe systems in North America. The company produces high quality engineered steel water pipes, bar wrapped concrete cylindrical tubing, Permalok® steel housings, as well as various liners, liners, gaskets and one of the largest offerings in fittings and specialty components in North America. Northwest Pipe Company provides solution-based products for a wide range of markets, including water transportation, water and sewage plant piping, trenchless technology, and pipeline remediation. Strategically positioned to meet growing water and wastewater infrastructure needs, the company is headquartered in Vancouver, Washington, and has manufacturing facilities throughout North America. Please visit www.nwpipe.com for more information.
Forward-looking statements – The statements contained in this Scott Montross press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and section 21E of the Securities Exchange Act of 1934, as amended, which are based on on the expectations, estimates, and projections concerning the activities of the Company, the convictions of the management and the assumptions made by the management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual results and results may differ materially from what is expressed or expected in these forward-looking statements due to various important factors. While it is not possible to identify all of these factors, those that could cause actual results to differ materially from those estimated by the Company include changes in market demand and prices for its products, product line , tendering activity, timing of customer orders and deliveries, production schedules, price and availability of raw materials, price and volume of imported product, excess or shortage production capacity, international trade policy and regulations, changes in tariffs and duties imposed on imports and exports and related impacts on the Company, the ability to identify and carry out internal initiatives and / or acquisitions in order to develop its activities, the Company’s ability to effectively integrate Geneva and other acquisitions into its activities and operations and to achieve significant administrative and operational cost synergies and an increase in financial results, the impacts of the 2017 law on tax cuts and employment, the adequacy of the company’s insurance coverage, the operational problems of manufacturing operations of the Company, including fires, explosions, inclement weather and natural disasters, and other risks discussed in the Company’s annual report on Form 10-K for the year ended December 31, 2018 and from time to time in its other Securities and Exchange Commission documents and reports. These forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances subsequent to the date of this release. If the Company updates or corrects one or more forward-looking statements, investors and others should not conclude that it will make any additional updates or corrections to them or to other forward-looking statements.
North West Pipe Company
360-397-6325 • [email protected]