Layne Christensen (Nasdaq:LAYN) said Wednesday it has acquired Bencor Corp of America, a contractor in foundation and underground engineering, for $32.1 million.
Texas-based Bencor specializes in deep foundations for dams, levees, shafts and below ground structures, and designs and builds earth support retention systems for basement excavation for high-rise structures, as well as subway lines and stations and depressed highways.
Layne Christensen said the deal, which will retain Bencor's management team in place, will expand the company's geoconstruction division and its specialty work capabilities.
"Bencor, together with the acquisition of our 50% 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," said the president of Layne Christensen's geoconstruction division, Peter Iovino.
Currently, Bencor is working on a series of projects, including a rehabilitation at the Clearwater Dam in Piedmont, Missouri for the US Corp of Engineers.
Layne Christensen said that after purchase accounting adjustments, it expects first year revenues and earnings per share of approximately $50 million and between $0.20-$0.25 per share, respectively.