Layne Christensen Consolidating Headquarters and Leadership to New Corporate
Announces Executive Transition
MISSION WOODS, Kan., Dec. 6, 2012 (GLOBE NEWSWIRE) -- Layne Christensen
Company (Nasdaq:LAYN) ("Layne" or the "Company") announced today that its
Board of Directors has approved the relocation of the Company's global
corporate headquarters from Mission Woods, Kansas to The Woodlands, a suburb
of Houston, Texas. The move is expected to commence in spring 2013 and be
completed by winter 2013.
The move will involve most executive positions in Layne's corporate
leadership, as well as certain other management and staff positions. Most
senior executives from Layne's six divisions will ultimately consolidate into
the Houston headquarters.
"This decision reflects Layne's commitment to our One Layne operating
philosophy, the continuing growth of our business, and the evolution of our
end markets," said Rene Robichaud, President and Chief Executive Officer of
Layne."Unifying our corporate and divisional leadership into one location
will allow us to better coordinate the activities of Layne's approximately
5,000 employees around the world by enhancing collaboration and innovation
across divisional, functional, and geographic lines.Houston provides enhanced
access to some of the nation's leading energy companies, an important
consideration as we build our total water management solutions business for
the oil & gas industry.Our new consolidated headquarters also offers an
attractive platform for expansion, while Houston provides a number of
advantages associated with its rank as the fourth-largest city in the nation."
Mr. Robichaud continued, "I want to thank Texas Governor Rick Perry,
Lieutenant Governor David Dewhurst, Speaker of the House Joe Straus, and their
staffsfor their leadership in this process andoffer ofsupport through the
Texas Enterprise Fund program, as well as Montgomery County, The Woodlands and
the Greater Houston Partnership for their respective support. We look forward
to joining the greater Houston business community, and are excited about our
prospects for continued growth."
After careful consideration, Jerry Fanska, Layne's Senior Vice President
Finance, and Jeff Reynolds, Executive Vice President and Chief Operating
Officer, have decided not to relocate to Houston.Mr. Fanska has announced his
retirement from Layne.He has agreed to remain with Layne until his successor
is named, and to assist in the transition of responsibilities and the
Company's relocation to Houston.Mr. Reynolds will resign his positions
effective January 1, 2013.Mr. Reynolds will remain a member of the Board of
The Company has engaged the services of Heidrick and Struggles to identify and
recruit Mr. Fanska's successor.
Mr. Reynolds's responsibilities will be assumed by veteran Layne executives
David Singleton and Gernot Penzhorn.Effective January 1, 2013, Mr. Singleton
has been promoted to Senior Vice President Operations – U.S. and Mr. Penzhorn
has been promoted to Senior Vice President Operations – International. Mr.
Singleton, 53, has over 30 years of experience in various areas of Layne's
operations.He was President of the Water Resources Division since May of
2010, and before that was Vice President of Water Resources beginning in
2004.Mr. Penzhorn, 42, became President of the Mineral Exploration Division
beginning in 2011, where he began his career with Layne in 2007. Prior to
joining the Company, Mr. Penzhorn served as International Operations Director
for Boart Longyear, which he joined in 2001.
Mr. Robichaud commented, "Jerry and Jeff have been instrumental in the growth
and evolution of Layne.Since 1994, Jerry has directed the financial
operations of Layne.During his tenure, our revenues have risen from $160
million to more than $1.1 billion in FY 2012, and our global presence
increased to more than 100 sales and operations offices across 5
continents.Since joining the Company in 2005 in connection with the
acquisition of Reynolds, Inc., Jeff and his team have helped Layne expand its
water infrastructure business into large water and wastewater treatment
plants, pipeline construction, and cured-in-place sewer pipe rehabilitation.
Perhaps most importantly, Jerry and Jeff have created enduring foundations and
cultures of excellence in their respective departments, which will allow for
seamless transfers of responsibilities, and enable Layne to continue to grow
and create long-term value for our shareholders."
Mr. Robichaud commented, "I cannot think of two more qualified people than
Dave and Gernot to succeed Jeff Reynolds, and I am proud that these executives
were promoted from within Layne's own ranks.Dave and Gernot have
distinguished themselves during their careers at Layne, and we fully expect
them to help lead the Company into a bright and prosperous future."
Layne Christensen Company
Layne is a global solutions provider to the world of essential natural
resources – water, mineral and energy.We offer innovative, sustainable
products and services with an enduring commitment to safety, excellence, and
The Layne Christensen Company logo is available at
This press release may contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange
Act of 1934.Such statements may include, but are not limited to, statements
of plans and objectives, statements of future economic performance and
statements of assumptions underlying such statements, and statements of
management's intentions, hopes, beliefs, expectations or predictions of the
future.Forward-looking statements can often be identified by the use of
forward-looking terminology, such as "should," "intended," "continue,"
"believe," "may," "hope," "anticipate," "goal," "forecast," "plan," "estimate"
and similar words or phrases. Such statements are based on current
expectations and are subject to certain risks, uncertainties and assumptions,
including but not limited to:the outcome of the ongoing internal
investigation into, among other things, the legality, under the FCPA and local
laws, of certain payments to agents and other third parties interacting
withgovernment officials in certain countries in Africa relating to the
payment of taxes and the importing of equipment (including any government
enforcement action which could arise out of the matters under review or that
the matters under review may have resulted in a higher dollar amount of
payments or may have a greater financial or business impact than management
currently anticipates), prevailing prices for various commodities,
unanticipated slowdowns in the Company's major markets, the availability of
credit, the risks and uncertainties normally incident to the construction
industry, the impact of competition, the effectiveness of operational changes
expected to increase efficiency and productivity, worldwide economic and
political conditions and foreign currency fluctuations that may affect
worldwide results of operations. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially and adversely from those anticipated,
estimated or projected.These forward-looking statements are made as of the
date of this filing, and the Company assumes no obligation to update such
forward-looking statements or to update the reasons why actual results could
differ materially from those anticipated in such forward-looking statements.
CONTACT: Layne Christensen Company
Jerry W. Fanska
Sr. Vice President Finance
Corporate Communications Manager
The Equity Group Inc.
Sr. Vice President
Layne Christensen Company
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