Press Release Koniag

February 6, 2018

 

Koniag Acquires Glacier Services Incorporated

 

Growth   in   Koniag   Oil   Field   Expertise,   Long   Term   Financial   Benefit   and  Cultural  Fit   Guide   Decision

 

 Kodiak, AK – Koniag Incorporated (Koniag) has acquired Glacier Services Incorporated (GSI) with an eye toward continued economic growth in Alaska. GSI is the largest Alaska owned oil field automation services firm and their clients and projects range from the Kenai Peninsula to the North Slope.

GSI will strengthen Koniag’s oil field services capabilities. Koniag also owns Dowland-Bach and there will be an opportunity to create economic synergies and bundle services. Koniag purchased Dowland-Bach in 2009.

“The Koniag Board and Executive team are diligent and focused on business growth, which leads to benefits and opportunities for our Shareholders. This is another positive step in that direction,” said Koniag’s Board Chairman and Interim CEO Ron Unger.

GSI founder and CEO Art Garrod has grown the company over the past three decades. He believes in a family atmosphere and working closely with his team. Koniag is excited that Garrod will stay on as GSI’s CEO. “This is a very good fit. The Koniag business model of providing for its Shareholders is similar to the GSI belief of growing and creating opportunities for GSI workers. New land is being opened for safe exploration and development making the future bright for Koniag, GSI and Dowland-Bach.”

Koniag has shown four years of continued profitable growth. This investment is designed to continue that upward trend.

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About Koniag, Inc.

Based in Kodiak, Alaska, Koniag manages a diverse portfolio of operating companies and real estate holdings and is committed to benefiting its nearly 4,000 Shareholders through growing dividends, educational scholarships and investments in cultural programs that preserve the Alutiiq heritage of the Kodiak Island region. Koniag was incorporated in 1972 as one of the 13 Regional Corporations formed pursuant to the Alaska Native Claims Settlement Act (ANCSA). With revenues of $270 million in fiscal year 2017 and assets of $170 million, the corporation operates businesses throughout the U.S., including government contractors, professional service firms, and technology product companies. For more information, visit www.koniag.com.