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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 (NASDAQ: AEGN) has entered into a definitive merger agreement with New Mountain Capital valued at approximately $963 million, marking Aegion's transition to a private company. Buyers will acquire shares for $26.00 each, reflecting a 21% premium over the February 12, 2021 closing price and a 28% premium over the 30-day average. The transaction, expected to finalize in Q2 2021, was unanimously approved by Aegion's Board. Company leaders anticipate continued investments to enhance infrastructure services and maintain Aegion's operations in St. Louis.
Aegion Corporation (NASDAQ: AEGN) has announced its decision to divest the Energy Services segment, following a strategic review. This segment provides essential services at oil refineries on the U.S. West Coast. The divestiture aims to lessen the company's exposure to the oil and gas sector and refocus on pipeline rehabilitation technologies. Aegion has engaged BofA Securities to facilitate the sale process, expected to commence in January 2021. Aegion continues to emphasize its commitment to enhancing infrastructure safety and reliability.
Aegion Corporation (NASDAQ:AEGN) has announced a successful amendment to its senior secured credit facility, yielding significant annual interest savings while ensuring liquidity. The amendment is set to save nearly $4 million in interest in 2021 compared to previous terms, reflecting the company's solid performance and future cash flow confidence. Key features include a $175 million revolving line of credit and $228 million term loan, unchanged in maturity. Revised financial covenants are designed to provide flexibility for managing financial health amid ongoing pandemic uncertainties.
Aegion reported a Q3'20 loss per diluted share of $0.93, down from EPS of $0.19 in Q3'19, largely due to a $39 million goodwill impairment in Energy Services. Adjusted earnings per diluted share were $0.32, aligned with guidance. Total revenues for the quarter stood at $276 million, with Insituform North America achieving 10% revenue growth year-over-year. Ending cash rose 40% to $77 million, bolstering Aegion's growth strategy in the water and wastewater sector. The company is also exploring strategic alternatives for its Energy Services segment.
Aegion Corporation (NASDAQ: AEGN) is set to release its third quarter 2020 financial results after market close on October 28, 2020. Subsequently, a conference call hosted by CEO Charles R. Gordon will be held on October 29, 2020, at 9:30 a.m. Eastern Time to discuss the company's performance and outlook. This conference call will include a question and answer session. Aegion specializes in innovative technologies focused on maintaining and rehabilitating infrastructure, particularly in wastewater, energy, and industrial sectors.
Aegion Corporation (NASDAQ: AEGN) will host a complimentary webinar titled “Water/Wastewater Infrastructure Funding: Considerations for Today & Tomorrow to Address the Nation’s Critical Investment Gap” on October 14 at 2:00 p.m. ET. The discussion will feature Aegion leaders and industry experts addressing America's aging water infrastructure and funding challenges. Despite billions spent annually on upgrades, significant funding gaps remain for necessary repairs. The webinar aims to outline crucial steps needed to secure future funding for these pressing infrastructure needs.
Aegion Corporation (NASDAQ: AEGN) announced a contract awarded to its subsidiary, Insituform Technologies, for the rehabilitation of over 7,000 linear feet of pressurized water pipelines in Portsmouth, Virginia. The project includes various cast iron pipelines and will utilize Thermopipe®, Aegion's proprietary technology for creating leak-free lining systems. The project is set to begin this fall and conclude by the end of 2021, showcasing Aegion's commitment to leveraging trenchless technology to address the aging infrastructure in the water and wastewater market.
Aegion Corporation (NASDAQ: AEGN) announced a $5 million contract extension for United Special Technical Services, LLC, in the Middle East. This extension follows their 2018 contract for installing over 700 km of the Tite Liner® system to protect carbon steel pipelines from corrosion, now set to include an additional 400 km over the next 12-18 months. The expanded work is expected to start in Q4 2020 and conclude by 2022, highlighting Aegion's growth in the Middle East.
Aegion Corporation (NASDAQ: AEGN) announced a significant contract valued at over $6 million, awarded to its subsidiary, Corrpro Companies, Inc. This contract involves providing cathodic protection services for new midstream pipeline construction in West Texas, covering more than 600 miles of pipeline. The project, which began in summer 2020, is expected to conclude by spring 2021. Corrpro's advanced asset integrity technology will enhance the monitoring and safety of the pipeline system, demonstrating Aegion's commitment to innovative infrastructure solutions.
Aegion Corporation (NASDAQ: AEGN) announced a significant contract win for its subsidiary, Insituform Technologies, valued at $8 million. The project involves rehabilitating over 12,000 linear feet of sanitary sewer mains in Southwest Texas using advanced trenchless technology. This method minimizes disruption and reduces costs, highlighting ongoing investment needs in aging wastewater infrastructure. Aegion's President and CEO, Charles R. Gordon, expressed confidence in the project, which is set to commence this fall and be completed by the end of 2021.
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