Layne
Christensen Co. has acquired Bencor Corp. of America – Foundation Specialist. Founded
in 1969, Bencor is one of North America's leading
contractors in foundation and underground engineering. Bencor specializes in
deep foundations for dams, levees, shafts and below ground structures, and also
excels in the design and building of earth support retention systems for
basement excavation for high-rise structures, subway lines and stations and
depressed highways. Bencor has performed work in the United
States, Canada,
South America, Europe and North Africa, and has more than 100 permanent employees
headquartered in Dallas.
The purchase price for the stock of Bencor was $32.1 million.
Peter
Iovino, Layne GeoConstruction Division president, says, "The
GeoConstruction Division in the past few years has focused on larger projects
like dam/levee rehabilitation work. Most of these projects are quite large, and
require the construction of both cementitious grout curtains and deep slurry
walls within bedrock. In the United
States, there are just a few companies
capable of performing the slurry wall part of the remediation work, and Bencor
is a recognized leader in that technology. Bencor with its size, structure and
technical expertise, represents an excellent and strategic opportunity to
substantially increase, complement and solidify our Division's specialty work
capabilities. Bencor, together with the acquisition of our 50 percent interest
in Costa Fortuna in Latin America, will put the
GeoConstruction Division at the top of the list of specialty foundation leaders
in the world and will open doors to larger and more profitable projects.”
Ugo
Piccagli, the founding father of Bencor, and now a consultant to the Layne
GeoConstruction group, says, "We are extremely excited about the
possibilities from a combination with Layne's GeoConstruction Division. Since
1969, with unchanged ownership and management, Bencor has constructed many diverse
projects, including cutoff walls, drilled shafts and caissons, underpinnings
and deep foundations. Currently, Bencor is working on many interesting projects
including a major rehabilitation project for the U.S. Corp of Engineers at the
Clearwater Dam in Piedmont,
Mo. The Clearwater Dam project, a
joint venture, where Bencor is the operating partner and has an 80-percent
interest, is approximately 50-percent complete, and will continue through 2011.
It includes the installation of slurry cutoff walls that penetrate through the
Clearwater Dam embankment and clay core into bedrock. While Bencor will
continue its successful operations under the same managerial structure, the
combination with Layne Christensen adds further support to our ability to
perform larger projects and to offer other complete foundation packages
administered under one single contract. We are pleased that Bencor will be part
of the Layne GeoConstruction family."