SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported): April 1, 1997
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INSITUFORM TECHNOLOGIES, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-10786 13-3032158
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1770 Kirby Parkway, Suite 300, Memphis, Tennessee 38138
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
including area code (901) 759-7473
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Item 5. Other Events.
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On April 1, 1997, the Registrant announced that it will
combine its corporate headquarters, engineering and development
center, and North American contracting headquarters in
Chesterfield, Missouri. For additional information with respect
thereto, reference is hereby made to the Registrant's press release
issued April 1, 1997 annexed to this current report as Exhibit 99,
the text of which is hereby incorporated by reference.
Item 7. Financial Statements and Exhibits.
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(c) Exhibits.
The exhibit filed as part of this Current Report on Form
8-K is listed in the attached Index to Exhibits.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
INSITUFORM TECHNOLOGIES, INC.
By s/Robert L. Kelley
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Robert L. Kelley
Vice President - General Counsel
Dated: April 2, 1997
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INDEX TO EXHIBITS
Exhibit Description
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99 - Press Release of the Registrant issued April 1,
1997
CONTACT: -or- ITI's INVESTOR RELATIONS COUNSEL:
Insituform Technologies, Inc. The Equity Group Inc.
Anthony W. Hooper, Pres. & CEO Linda Latman
(901) 759-7403 (212) 836-9609
FOR IMMEDIATE RELEASE
Memphis, TN - April 1, 1997 -- Insituform Technologies, Inc.
(NASDAQ National Market: INSUA) announced today that it will
combine its corporate headquarters, engineering and development
center, and North American contracting headquarters in
Chesterfield, MO, a suburb of St. Louis. The location will also
include the offices of Affholder, Inc., the company's subsidiary
responsible for tunneling, and the main operations base for the
Central Region of Insituform's domestic pipe rehabilitation
operations.
The combination of the functions presently split between Memphis
and Chesterfield will allow elimination of approximately 20
positions, which is about 15% of the total current positions in the
two headquarters, engineering and development. Severance costs
related to this reduction and the move are expected to be $0.5 to
$0.8 million. The cost of moving the people and offices is
estimated at $2.5 to $3 million. These costs will be incurred as
the move takes place in stages during the balance of this year.
The move of the corporate offices, engineering and development from
Memphis will increase the company's total employment in the St.
Louis area by about 55, bringing it to 235. The company plans to
maintain a substantial presence in the Memphis and surrounding area
through its manufacturing operations, which produce all of the
Insituform(R) tubes used in North America and also exports products
to Europe, Asia and South America. Following the move the company
estimates that its total employment in the Memphis area will be
about 110, compared to 178 today.
Commenting on the move, Anthony W. Hooper, President and CEO said,
"Insituform Technologies has changed dramatically over the last
five years. From a company which earned 100% of its revenues from
royalties and product sales to its licensees, we have become an
integrated pipe rehabilitation company which last year derived 93%
of its revenues from contracting using its non-disruptive
technologies. The headquarters structure has to change to reflect
this.
"I believe that combining the corporate and technology functions
from Memphis with the contracting management and operations in St.
Louis is an essential step to make Insituform operate as one
company. We believe the combination will save over $1 million per
year in operating costs, but the increase in teamwork and
management effectiveness is what really motivates the change.
"Choosing the location was difficult. Memphis and Shelby County
provide a combination of low cost and positive environment for both
our business and our people. For those of us who are based in
Memphis, it will be hard to leave. We feel strongly, however, that
it is very important to locate our management and technical people
at a major operations center. Our Chesterfield location is already
the headquarters of our North American contracting. It is one of
our largest operations bases and has the added advantage of letting
us make maximum use of land and buildings we already own."
Insituform Technologies, Inc.("Insituform") is a worldwide provider
of proprietary trenchless technologies for the rehabilitation and
improvement of sewer, water, gas and industrial pipe. Insituform
owns the worldwide rights to the Insituform(R) and NuPipe(R)
processes and exercises the exclusive rights in substantially all
of North America to the PALTEM(R) system and certain other products
under a license from Ashimori Industry Co., Ltd. Insituform also
owns the worldwide rights to the Tite Liner(R) process used
primarily to protect or restore pipes affected by abrasion or
corrosion. Through its Affholder, Inc. subsidiary, Insituform is
engaged in trenchless tunneling used in the installation of new
underground services. By providing specialized rehabilitation
technologies which eliminate or minimize disruptive digging,
Insituform provides cost-effective solutions for problems caused by
deteriorated pipe systems.
This press release contains forward-looking statements which are
inherently subject to risks and uncertainties. Insituform's actual
results could differ materially from those currently anticipated
due to a number of factors, including without limitation, the
competitive environment for Insituform's products and services, the
geographical distribution and mix of Insituform's work, and other
factors set forth in reports and documents filed by Insituform with
the Securities and Exchange Commission from time to time.
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