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Note 10 - Subsequent Events
6 Months Ended
Jun. 30, 2011
Subsequent Events [Text Block]
10.      SUBSEQUENT EVENTS

On July 26, 2011, the Company entered into a definitive agreement to acquire the North American business of Fyfe Group, LLC for a purchase price of $115.8 million. The Company also was granted a one-year option to acquire Fyfe Group’s Asian, European and Latin American operations at a purchase price to be agreed upon by the parties at the time of exercise of the option. The Company expects to close the North American acquisition by August 31, 2011.

Fyfe Group, based in San Diego, California, is a pioneer and industry leader in the development, manufacture and installation of fiber reinforced polymer (FRP)  systems for the structural repair, strengthening and restoration of pipelines (oil, gas, water and wastewater), buildings (commercial, Federal, municipal, residential and parking garages), bridges and tunnels, and waterfront structures. Led by founder and Chairman, Ed Fyfe, and Chief Executive Officer, Heath Carr, Fyfe Group has a comprehensive portfolio of patented and other proprietary technologies and products, including its Tyfo® Fibrwrap® System, the only carbon fiber solution on the market meeting 2009 International Building Code requirements. Fyfe Group’s product and service offering also includes pipeline rehabilitation, concrete repair, epoxy injection, corrosion mitigation, and specialty coatings services.

The consummation of the Fyfe North American acquisition is subject to customary conditions, including the availability of financing. The Company is working with its lead banks, Bank of America, N.A. and JPMorgan Chase Bank, N.A., to put in place a new $450 million senior credit facility that would provide the required financing. In addition, the Company anticipates that it would redeem its $65.0 million, 6.54% Senior Notes, due April 2013, in connection with the closing of the Fyfe North American transaction. The proceeds for the redemption of the Senior Notes, including any associated make-whole payment (approximately $6.0 million as of June 30, 2011), would be borrowed against the Company’s new senior credit facility.  There can be no assurance that the Company will be successful in arranging such new credit facility.