TULSA, Okla., Sept. 15 / -- Matrix Service Co. (NASDAQ:MTRX), a leading industrial services company, today announced an agreement with CB&I (NYSE:CBI) to acquire engineering and construction resources and technology used to design, engineer and construct single and full containment LNG storage tanks, LIN/LOX storage tanks, LPG storage tanks and Thermal Vacuum Chambers. The transaction, which is subject to approval by the Federal Trade Commission, includes approximately 70 engineering and construction personnel, along with tools, equipment, and backlog of up to $20 million on existing contracts, which are expected to be completed over the next two years. Also included in the transaction is a perpetual license to use CB&I's technology necessary to design, engineer, and construct LNG tanks, LIN/LOX tanks, LPG tanks and Thermal Vacuum Chambers. The financial terms of the transaction were not disclosed.
Michael J. Bradley, president and CEO of Matrix Service, said, "This new technology and expertise combined with our existing capabilities clearly positions Matrix Service as a leading supplier of steel plate structures in North America in line with our growth strategy. We are also gaining an experienced engineering team and highly skilled field crews, and we are pleased to add these outstanding individuals to the Matrix Service team."
About Matrix Service Company
Matrix Service Company provides general industrial construction and repair and maintenance services principally to the petroleum, petrochemical, power, bulk storage terminal, pipeline and industrial gas industries.
The Company is headquartered in Tulsa, Oklahoma, with regional operating facilities located in Oklahoma, Texas, California, Michigan, Pennsylvania, Illinois, Washington and Delaware in the U.S. and Canada.
For more information, please contact:
Matrix Service Company
Tom Long, Vice President Finance and CFO
Investors and Financial Media:
Truc Nguyen, Managing Director
Source: Matrix Service Company
Web site: http://www.matrixservice.com/