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Nov. 27, 2006 / 10:04 AM

Layne Christensen buys American Water unit

KANSAS CITY, Kan., Nov. 27 (UPI) -- Layne Christensen Co. has bought American Water's Underground Infrastructure Group, which offers cured, in-place pipe services for sewer lines.

The $28.6 million acquisition of UIG was financed through an expansion of Layne Christensen's revolving credit facility with a group led by LaSalle Bank National Association.

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UIG, which had revenues of approximately $47.4 million for the 12 months ending June 30, 2006, will retain its current management team, Layne Christensen said Monday in a news release.

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