IRVING, Texas, 2018-02-02 00:29 CET (GLOBE NEWSWIRE) --
Forterra, Inc. ("Forterra" or the "Company") (NASDAQ:FRTA), a leading
manufacturer of water and drainage infrastructure pipe and products in the
United States and Eastern Canada, today announced that it has completed a
transaction to exchange certain of its drainage assets in Alabama, Georgia and
Tennessee for assets owned by Foley Products Company in Mississippi and Texas
plus $10 million in cash. While not expected to be material to Forterra's
financial results, the transaction reflects the Company's continued focus on
portfolio management to deliver long-term value by enhancing its position in
well-structured markets. The transaction is subject to customary working
capital adjustments.
About Forterra
Forterra is a leading manufacturer of water and drainage pipe and products in
the U.S. and Eastern Canada for a variety of water-related infrastructure
applications, including water transmission, distribution, drainage and
stormwater management. Based in Irving, Texas, Forterra's product breadth and
significant scale help make it a one-stop shop for water related pipe and
products, and a preferred supplier to a wide variety of customers, including
contractors, distributors and municipalities. For more information on Forterra,
visit http://forterrabp.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements may be
identified by the use of words such as "anticipate", "believe", "expect",
"estimate", "plan", "outlook", and "project" and other similar expressions that
predict or indicate future events or trends or that are not statements of
historical matters. Forward-looking statements should not be read as a
guarantee of future performance or results, and will not necessarily be
accurate indications of the times at, or by, which such performance or results
will be achieved. Forward-looking statements are based on historical
information available at the time the statements are made and are based on
management's reasonable belief or expectations with respect to future events,
and are subject to risks and uncertainties, many of which are beyond the
Company's control, that could cause actual performance or results to differ
materially from the belief or expectations expressed in or suggested by the
forward-looking statements. Forward-looking statements speak only as of the
date on which they are made and the Company undertakes no obligation to update
any forward-looking statement to reflect future events, developments or
otherwise, except as may be required by applicable law. Investors are referred
to the Company's filings with the Securities and Exchange Commission, including
its Annual Report on Form 10-K, for additional information regarding the risks
and uncertainties that may cause actual results to differ materially from those
expressed in any forward-looking statement.
CONTACT:
David Lawrence
Vice President, Treasury and Investor Relations
Forterra, Inc.
469.299.9113
IR@forterrabp.com© 2018 GlobeNewswire
