MFRI forms joint venture

NILES - MFRI Inc. Monday announced the formation of a new joint venture, Bayou Perma-Pipe Canada Ltd., a partnership between the Bayou Cos. Inc., (a subsidiary of Insituform Technologies Inc.) and Perma-Pipe Inc., (a subsidiary of MFRI). Bayou Perma-Pipe Canada Ltd. has reached an agreement with Garneau Inc. to acquire Garneau's Camrose pipe coating and insulating facilities in Alberta, Canada, for about $12.2 million Canadian, or $11.7 million. The transaction is subject to approval by Garneau's shareholders and other customary conditions. Garneau's shareholders are expected to vote on Oct. 28.