Date: January 23, 2003
Source: News Room
Gundle/SLT Environmental, Inc. (NYSE: GSE) has announced the purchase of its joint-venture partner's 49.99% interest in an Egyptian geomembrane manufacturing joint venture formed in November 1996. Under the terms of the agreement, Hyma Foam Hyma Plastics Co. transferred its interest to GSE in return for the payment of $4 million and the commitment by GSE to purchase a second geomembrane manufacturing line currently under lease to the joint venture at the end of the calendar year 2003 for $950,000. GSE officials said the acquisition is part of the company's continuing strategy of capitalizing on geographic expansion opportunities.
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