Layne Christensen Acquires Beylik
Layne Christensen Co., Mission Woods, Kan., has announced the acquisition of substantially all of the drilling and pump repair assets of Beylik Drilling and Pump Service Inc. With facilities in LaHabra and Barstow, Calif., the Beylik operations, when combined with Layne's Fontana and Woodland, Calif., offices, on a stand-alone basis, would represent the second largest water well drilling company in the United States. Total revenue for Layne's water resources division including Beylik on an annual basis would be approximately $200 million. Total remuneration for the Beylik business, including amounts related to restrictive stock agreements for key employees, was $14.5 million. The transaction is expected to be accretive to earnings.
Greg Aluce, president of Layne's Water Resources Division, states: “The purchase of Beylik is a very important strategic move for our Water Resources Division. The California market provides over one-third of Layne's water division earnings and is one of the largest water markets in the world. We have long considered Beylik, with its talented group of dedicated professionals, to be Layne's most formidable competitor in the deep production well drilling business and are extremely excited about the opportunities of this combination.”