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Title: |
Asset Purchase Agreement |
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Entities: |
Bear, Stearns & Co. Inc.; Chicago Bridge & Iron Co. NV; International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers & Helpers; Buchanan Ingersoll PC; Winston & Strawn; Pitt-des Moines, Inc. |
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Date: |
2001 |
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Size: |
Preview shows 24KB of 234KB total |
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Price: |
$74 |
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ID: |
#252843 |
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Start of Preview |
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================================================================================
ASSET PURCHASE AGREEMENT
DATED AS OF FEBRUARY 7, 2001
BETWEEN
PITT-DES MOINES, INC.,
AS SELLER
AND
CHICAGO BRIDGE & IRON COMPANY N.V. AND
CB&I CONSTRUCTORS, INC.,
AS PURCHASER
================================================================================
{PAGE} 2
TABLE OF CONTENTS
{TABLE}
{S} {C}
ARTICLE I
DEFINITIONS.......................................................................................................1
1.1. Definitions........................................................................................1
1.2. Certain Interpretive Matters......................................................................11
1.3. Knowledge.........................................................................................12
ARTICLE II
PURCHASE AND SALE OF ASSETS......................................................................................12
2.1. Purchase and Sale of Assets.......................................................................12
2.1.1. Owned Real Property...................................................................12
2.1.2. Tangible Personal Property............................................................12
2.1.3. Inventories and Stores and Supplies...................................................12
2.1.4. Contract Rights.......................................................................13
2.1.5. Accounts Receivable...................................................................13
2.1.6. Intellectual Property.................................................................13
2.1.7. Permits...............................................................................13
2.1.8. Prepaid Expenses, Advances and Deposits...............................................14
2.1.9. Records...............................................................................14
2.1.10. Claims and Insurance Proceeds.........................................................14
2.1.11. Lists, Sales Materials and Software...................................................14
2.1.12. Cash..................................................................................14
2.1.13. Significant Subsidiaries..............................................................14
2.1.14. Certain Plan Assets...................................................................14
2.1.15. Strategic Plans.......................................................................14
2.2. Excluded Assets...................................................................................14
2.2.1. Cash..................................................................................14
2.2.2. Certain Receivables...................................................................15
2.2.3. Certain Contracts.....................................................................15
2.2.4. Nonassignable Contracts and Nonassignable Permits.....................................15
2.2.5. Employee Plans........................................................................15
2.2.6. Retained Records and Information Resources............................................15
2.2.7. Other Assets..........................................................................15
2.2.8. PDM Name..............................................................................15
2.3. Nonassignable Contracts and Nonassignable Permits.................................................15
2.3.1. Nonassignability......................................................................15
2.3.2. Seller To Use Commercially Reasonable Efforts.........................................16
2.3.3. If Waivers or Consents are Not Obtained...............................................16
ARTICLE III
PURCHASE PRICE...................................................................................................17
3.1. Purchase Price....................................................................................17
{/TABLE}
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{PAGE} 3
{TABLE}
{S} {C}
3.2. Purchase Price Adjustment.........................................................................17
3.3. Collection of Receivables Constituting Excluded Assets............................................18
ARTICLE IV
ASSUMPTION OF LIABILITIES........................................................................................19
4.1. Assumed Liabilities...............................................................................19
4.2. Excluded Liabilities..............................................................................20
ARTICLE V
REPRESENTATIONS AND WARRANTIES...................................................................................21
5.1. Representations and Warranties of Seller..........................................................21
5.1.1. Corporate Organization; Good Standing.................................................21
5.1.2. Authorization and Effect of Agreement.................................................22
5.1.3. No Conflicts..........................................................................22
5.1.4. Financial Statements..................................................................23
5.1.5. Absence of Changes....................................................................24
5.1.6. Compliance with Laws..................................................................25
5.1.7. Assets Used in the Businesses.........................................................25
5.1.8. Title to Assets.......................................................................25
5.1.9. Brokers...............................................................................25
5.1.10. Intellectual Property.................................................................25
5.1.11. Legal Proceedings.....................................................................26
5.1.12. Contract Rights.......................................................................26
5.1.13. Employee Relations....................................................................28
5.1.14. Employee Benefit Plans................................................................29
5.1.15. Environmental Matters.................................................................30
5.1.16. Tax Matters...........................................................................32
5.1.17. Undisclosed Liabilities...............................................................33
5.1.18. Product Warranty......................................................................33
5.1.19. Inventories...........................................................................33
5.1.20. Accounts Receivable...................................................................33
5.1.21. Real Properties and Leases............................................................33
5.1.22. Insurance.............................................................................34
5.1.23. Related Party Transactions............................................................34
5.1.24. Investment Representations............................................................35
5.1.25. Limitations on Representations and Warranties.........................................36
5.2. Representations and Warranties of Purchaser.......................................................36
5.2.1. Organization; Power...................................................................36
5.2.2. Authorization; No Conflicts; Required Consents........................................37
5.2.3. Charter Documents.....................................................................38
5.2.4. SEC Documents.........................................................................38
5.2.5. Capitalization........................................................................38
5.2.6. Absence of Applicable Rights Agreements...............................................39
5.2.7. Litigation............................................................................39
5.2.8. Compliance with Environmental Laws....................................................39
{/TABLE}
-ii-
{PAGE} 4
{TABLE}
{S} {C}
5.2.9. Liabilities and Obligations...........................................................39
5.2.10. Intellectual Property.................................................................39
5.2.11. Material Contracts....................................................................40
5.2.12. Insurance.............................................................................40
5.2.13. Employee Matters......................................................................41
5.2.14. Compliance With ERISA, Labor Laws.....................................................41
5.2.15. Absence of Changes....................................................................42
5.2.16. Broker's Fees.........................................................................43
5.2.17. Limitations on Representations and Warranties.........................................43
ARTICLE VI
THE CLOSING......................................................................................................44
6.1. The Closing.......................................................................................44
6.2. Conditions Precedent to Obligations of Purchaser..................................................44
6.2.1. No Legal Obstruction..................................................................44
6.2.2. Transfer Documents....................................................................44
6.2.3. Consents; Customer Notices............................................................44
6.2.4. Related Agreements....................................................................45
6.2.5. EBITDA................................................................................45
6.2.6. Lien Search and Title Commitments.....................................................45
6.2.7. Financing.............................................................................45
6.2.8. Bank Consent..........................................................................45
6.2.9. Opinion of Counsel to the Seller......................................................45
6.2.10. Good Standing Certificates............................................................45
6.2.11. FIRPTA Statement......................................................................46
6.3. Conditions Precedent to Obligations of Seller.....................................................46
6.3.1. No Legal Obstruction..................................................................46
6.3.2. Purchase Price and Letter of Credit...................................................46
6.3.3. Related Agreements....................................................................46
6.3.4. Assumption Agreement..................................................................46
6.3.5. NYSE Listing..........................................................................46
6.3.6. Opinion of Counsel to the Purchaser...................................................46
ARTICLE VII
COVENANTS........................................................................................................47
7.1. Personnel Matters.................................................................................47
7.1.1. Offer of Employment...................................................................47
7.1.2. Limitation of Rights..................................................................47
7.1.3. Collective Bargaining Agreements......................................................47
7.1.4. Pension Plans.........................................................................47
7.1.5. Welfare Benefit Plans and Fringe Benefits.............................................50
7.2. Publicity.........................................................................................50
7.3. Post-Closing Access; Records; Cooperation.........................................................51
7.4. Certain Tax Matters...............................................................................52
7.5. Non-Disclosure of Confidential Information by Seller..............................................53
{/TABLE}
-iii-
{PAGE} 5
{TABLE}
{S} {C}
7.6. Further Assurances; Customer Notices..............................................................54
7.7. Allocations.......................................................................................54
7.8. Non-Competition...................................................................................55
7.9. Assets Located at Fresno, CA......................................................................55
7.10. Letters of Credit.................................................................................55
7.11. Delivery of Baseline Report.......................................................................56
7.12. Woodlands Lease...................................................................................56
7.13. Records Storage...................................................................................56
ARTICLE VIII
INDEMNIFICATION..................................................................................................56
8.1. Termination of Representations and Warranties.....................................................56
8.2. Indemnification...................................................................................57
8.3. Defense of Claims.................................................................................58
8.4. Seller's Insurance................................................................................60
8.5. Mitigation........................................................................................62
8.6. Insurance Proceeds and Tax Benefits...............................................................62
8.7. Remedies Exclusive................................................................................62
ARTICLE IX
MISCELLANEOUS PROVISIONS.........................................................................................62
9.1. Notices...........................................................................................62
9.2. Expenses..........................................................................................63
9.3. Assignment; Successors and Assigns................................................................63
9.4. Waiver; Amendment.................................................................................64
9.5. Entire Agreement..................................................................................64
9.6. No Third Party Beneficiaries......................................................................64
9.7. Bulk Sales........................................................................................64
9.8. APPLICABLE LAW....................................................................................64
9.9. Captions and Headings.............................................................................64
9.10. Passage of Title and Risk of Loss.................................................................64
9.11. Execution in Counterparts.........................................................................65
{/TABLE}
-iv-
{PAGE} 6
SCHEDULES
{TABLE}
{S} {C}
PDM Disclosure Schedule
Section 2.1.1 Owned Real Property
Section 2.1.4 Leased Real Property
Section 2.2.2 Certain Receivables Constituting Excluded Assets
Section 4.2(f) Workers' Compensation Claims
Section 5.1.1 Significant Subsidiaries
Section 5.1.3 Conflicts
Section 5.1.6 Compliance with Laws
Section 5.1.8 Liens
Section 5.1.10 Intellectual Property
Section 5.1.11 Legal Proceedings
Section 5.1.12 Contract Rights
Section 5.1.14 Employee Benefit Plans
Section 5.1.15 Environmental Matters
Section 5.1.16 Tax Matters
Section 5.1.21 Real Property Transfer Consents and Subleases
Section 5.1.22 Insurance Policies and Coverage
CB&I Disclosure Schedule
Section 5.2.1 Material Subsidiaries
Section 5.2.2 Conflicts
Section 5.2.5 Capitalization
Section 5.2.6 Rights Agreements
Section 5.2.7 Litigation
Section 5.2.8 Environmental Matters
Section 5.2.10 Intellectual Property
Section 5.2.11 Material Contracts
Section 5.2.12 Insurance
Section 5.2.13(a) Employment Agreements
Section 5.2.13(b) CB&I Plans
Section 5.2.14 ERISA, Labor Matters
Section 5.2.15 Absence of Changes
Schedule 2.2.3 Certain Contracts Included in the Assets
Schedule 2.2.7 Other Excluded Assets
Schedule 4.1(e) Severance Plans
Schedule 6.2.3 Contract Consents to be Obtained by Closing Date
{/TABLE}
-v-
{PAGE} 7
ASSET PURCHASE AGREEMENT
This ASSET PURCHASE AGREEMENT (this "Agreement") is dated as
of February 7, 2001 among PITT-DES MOINES, INC., a Pennsylvania corporation
("Seller"), CHICAGO BRIDGE & IRON COMPANY N.V., a Netherlands company ("CB&I"),
and CB&I CONSTRUCTORS, INC., a Texas corporation ("CB&I Sub", and collectively
with CB&I, the "Purchaser").
RECITALS
A. Seller is engaged, among other things, in the businesses
(the "Businesses") of engineering, fabricating and erecting (i) tanks and
systems for liquid and cryogenic storage through its Engineered Construction
Division, and (ii) water storage systems through its Water Division
(collectively, the "Divisions").
B. Seller conducts the Business of the Engineered Construction
Division directly in the United States and indirectly outside the United States
through PDM International Ltd. and its subsidiaries.
C. Seller conducts the Business of the Water Division both
directly and through its subsidiary HyCon, Inc.
D. Seller desires to sell and assign to Purchaser, and
Purchaser desires to purchase (or to cause one or more of its subsidiaries or
Affiliates to purchase) and assume from Seller, substantially all of the assets
used by the Divisions in the conduct of the Businesses (other than the Excluded
Assets, as hereinafter defined), subject to Purchaser's assumption of all
liabilities and obligations of Seller relating to the Businesses (other than the
Excluded Liabilities, as hereinafter defined), on the terms and subject to the
conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual agreements
contained herein, the parties hereto, intending to be legally bound, agree as
follows:
ARTICLE I
DEFINITIONS
1.1. Definitions. As used herein, the following terms shall
have the meanings set forth below:
"Adjusted Net Working Capital of the Divisions" has the
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