Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Additional Restructuring Actions

On October 26, 2018, the Company’s board of directors approved additional actions with respect to the 2017 Restructuring, which included the decision to: (i) exit multiple additional international locations; and (ii) take actions to further optimize operations within North America. Total pre-tax charges associated with the additional actions are expected to be approximately $25 million, including pre-tax cash charges of approximately $8 million to $10 million. Most charges are expected to be incurred by mid-2019 and relate to employee severance, retention, extension of benefits, employment assistance programs, early lease and contract termination and other restructuring related costs. The identified charges are primarily focused in the international operations of both Infrastructure Solutions and Corrosion Protection, but also include certain other measures to reduce consolidated operating costs. The Company expects to reduce headcount by approximately 150 employees as a result of these additional actions. As the Company completes these actions over the coming months, additional charges and headcount reductions could occur.

Asset Sale Agreement

On November 1, 2018, the Company executed a sale agreement for substantially all of the fixed assets and inventory from its CIPP operations in Denmark for a sale price of DKK 10.5 million (approximately $1.6 million). The transfer of ownership is expected to occur in early November 2018. In connection with the sale, the Company entered into a five-year exclusive tube-supply agreement whereby the buyers will purchase liners from the Company. The buyers will also be entitled to use the Insituform^® trade name based on a trade mark license granted for the same five-year time period. No impairment charges are expected to be recorded as the net carrying value approximated or was less than the sale price.