Insituform Technologies, Inc. (NASDAQ: INSU) has announced the acquisition of Insitu Envirotech Pte Ltd., its former Singapore licensee, for $1.3 million. The acquisition expands the company's trenchless rehabilitation business in Southeast Asia.
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The market in Singapore is experiencing a tremendous growth due to a recently initiated, 4-year US $295 million rehabilitation program which was announced by Singapore's national water agency, Public Utility Board (PUB). Insituform will be able to expand its 3rd party CIPP tube sales into the Singapore market.
The acquisition will expand their3rd party CIPP tube sales in the Singapore market, which was previously not allowed because of terms within the exclusive license agreement held by Insitu S.E. Asia. Insituform has already received about 80 miles of CIPP tube, about $1.7 million worth, in Singapore.
Insituform Technologies, Inc. is a leading worldwide provider of proprietary technologies and services for rehabilitating sewer, water, energy and mining piping systems and the corrosion protection of industrial pipelines.
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