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Aegion Corporation is a global leader in providing innovative technologies and expertise to maintain, rehabilitate, and strengthen infrastructure. Established in 1971, Aegion has been at the forefront of pioneering solutions for aging infrastructure, focusing predominantly on pipelines within the wastewater, water, energy, mining, and refining sectors.
The company leverages advanced technology-enabled water solutions to ensure the efficient operation of refineries and industrial facilities. Aegion is committed to its mission of 'Stronger. Safer. Infrastructure.®'
Over the years, Aegion has achieved significant milestones, including recent acquisitions to enhance its service offerings:
- March 2023: Acquired Proline Vactor Services, enhancing professional sewer and storm drain cleaning services in Florida.
- May 2023: Acquired Infraspec Services, a specialist in trenchless water rehabilitation services in Quebec, Canada.
- June 2023: Acquired Standard Pipe Services, expanding its trenchless repair services in the Delaware-Maryland-Pennsylvania tri-state area.
- July 2023: Acquired Portland Utilities Construction Company, reinforcing specialized services in Tennessee and surrounding states.
- September 2023: Acquired C&L Water Solutions, broadening its footprint in Colorado and the western U.S.
- October 2023: Acquired 11 Enviro Group and AP Civil Solutions, expanding its trenchless services and water maintenance operations in New York and Florida, respectively.
Aegion's portfolio companies, such as Insituform Technologies, EN-TECH Infrastructure, and others, play a critical role in its operations, ensuring the company can deliver comprehensive services covering consultation, design, installation, and maintenance. The company's diverse services include cured-in-place pipe (CIPP) rehabilitation, grouting, trenchless pipe replacement, and more.
Financially, Aegion has demonstrated robust growth through strategic acquisitions and organic expansion, enabling it to address the challenges of aging infrastructure effectively. The company continues to innovate and expand, ensuring sustainable and safe infrastructure solutions globally.
For more details, visit Aegion's official website.
Aegion Corporation announced the appointment of James Mitchell, Jr. to its Board of Directors, effective immediately. Mitchell brings over two decades of financial and strategic expertise, having served as Chief Investment Officer at General Electric and as a fiduciary of its Pension Trust. This appointment aims to enhance Aegion's leadership in infrastructure solutions and facilitate growth in new markets. Mitchell expressed enthusiasm for joining Aegion, emphasizing the company's innovative technology offerings and strategic vision.
Aegion Corporation has completed its acquisition by New Mountain Capital for $30.00 per share, resulting in Aegion becoming a private entity. The stock will no longer be traded on the Nasdaq. Rob Tullman has been appointed as President and CEO effective May 18, 2021, succeeding Charles Gordon. Tullman emphasized the growth prospects for Aegion as a leader in infrastructure solutions. The company focuses on maintaining and rehabilitating critical infrastructure globally, leveraging its innovative technologies to enhance community safety and environmental protection.
TortoiseEcofin has announced that Aegion Corp (NASDAQ: AEGN) will be removed from the Ecofin Global Water ESG Index due to a merger with affiliates of New Mountain Capital, LLC. This change is expected to take effect at market open on May 17, 2021, pending merger approval. The Ecofin Global Water ESG Index focuses on companies in water infrastructure and management. The removal of AEGN from the index may influence investor sentiment and market positioning in the sector.
Aegion Corporation (NASDAQ: AEGN) announced its Q1 2021 financial results, reporting a loss per diluted share from continuing operations of $0.04, an improvement from a loss of $0.09 in Q1 2020. Revenues from continuing operations totaled $181 million, a decline attributed to exited businesses, yet core revenues remained steady. Adjusted gross profit margins increased to 23.6%, up 290 basis points year-over-year. Aegion's board recommends shareholder approval for its acquisition by New Mountain Capital, now valued at $1.1 billion with a merger consideration of $30 per share.
Aegion Corporation (NASDAQ: AEGN) subsidiary Corrpro announces David Kroon as a recipient of the 2021 AMPP/NACE Fellow Award for his significant contributions to corrosion control technology. With over 40 years of experience, Kroon has played a pivotal role in pipeline integrity and infrastructure standards. His leadership has been crucial for Corrpro's success in engineering solutions. This award will be acknowledged at the Corrosion 2021 Virtual Conference & Expo. Aegion focuses on innovative technologies to rehabilitate and strengthen critical infrastructure globally.
Aegion Corporation announced an amended merger agreement with New Mountain Capital, increasing the purchase price to $30.00 per share in cash, up from $27.00. The total enterprise value of this all-cash transaction is approximately $1.1 billion. This revised offer represents a premium of 40% compared to Aegion's closing share price on February 12, 2021. The Board of Directors urges shareholders to vote 'FOR' the agreement in the upcoming meeting on May 14, 2021.
Aegion Corporation (NASDAQ: AEGN) announced that its Board determined an unsolicited proposal from a third party could lead to a "Superior Proposal" under its merger agreement with New Mountain Capital. The third party's offer is $28.50 per share in cash, while the existing agreement with New Mountain is for $27.00 per share. Aegion will enter discussions and conduct due diligence with the third party. However, there are no guarantees that this will result in a superior transaction or that the proposal terms will remain unchanged.
Aegion Corporation (NASDAQ: AEGN) has amended its merger agreement with New Mountain Capital, raising the cash consideration per share from $26.00 to $27.00. This adjustment brings the total enterprise value of the transaction to $995 million, reflecting a 25.9% premium compared to the closing share price as of February 12, 2021. The decision followed an unsolicited offer from another party, deemed inferior by Aegion's board. The merger remains subject to stockholder and regulatory approvals and is expected to close in Q2 2021.
Aegion (NASDAQ:AEGN) has received an unsolicited acquisition proposal while already bound by a merger agreement with New Mountain Capital for $26.00 per share, totaling approximately $963 million. The Board is currently evaluating this new proposal, adhering to its fiduciary duties with the assistance of financial and legal advisors. There are no guarantees that this proposal will lead to a superior offer or a definitive agreement. The outcome of the acquisition process may significantly influence Aegion's stock price and business operations.
Aegion Corporation (NASDAQ:AEGN) reported improved financial results for Q4 and FY 2020, showcasing a Q4 earnings per diluted share of $0.26 compared to a loss of $0.50 in Q4 2019. FY 2020 earnings per diluted share rose to $0.75 from a loss of $0.82 in FY 2019. Total revenues for FY 2020 were $808 million, with 6% revenue growth in the core Insituform North America business. Adjusted gross profit margins increased to 24.6%. The company also announced a $963 million acquisition plan, transitioning Aegion into a private entity, expected to close in Q2 2021.
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