Chicago Bridge &Iron Purchases Trusco Tank; Acquisition Bolsters CB&'s U.S. Water Services Business.

Business Editors

PLAINFIELD, Ill.--(BUSINESS WIRE)--Jan. 28, 2000

Chicago Bridge &Iron Company N.V. (NYSE &ASE: CBI) has acquired the business known as Trusco Tank from ITEQ, Inc. Trusco will be renamed CB& Trusco Tank and will continue to operate from its facilities in San Luis Obispo, California. The firm has annual revenues of approximately $20 million. It is expected the acquisition will be slightly accretive to the Company's 2000 earnings.

CB& Trusco Tank designs, fabricates and erects steel structures, including storage and shop-built tanks, and holds a leadership position in the markets it serves. Prior to being acquired by CB&, Trusco had accumulated 37 years of continuous service to municipal and industrial customers primarily in the water, wastewater and petroleum markets on the U.S. West Coast.

&uot;This acquisition is important to Chicago Bridge &Iron for several key reasons,&uot; said Chairman and CEO Gerald Glenn. &uot;One of our stated business goals for North America is to expand our U.S. Water Services business, and Trusco provides us with access to a geographic segment and a product line in which we did not previously participate. We are especially pleased with the depth and quality of management talent at Trusco. We have always regarded Trusco as a top-notch operation with an excellent reputation and high quality products, and we are delighted to have them on the CB& team.&uot;

This press release contains certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ materially from the Company's expectations. In addition to matters described in the press release, the uncertain timing of awards and contracts, project cancellation risks, operating risks, risks associated with fixed price contracts, risks associated with percentage of completion accounting, fluctuating revenues and cash flow and competitive conditions, as well as risk factors listed from time to time in the Company's SEC filings and reports, may affect the actual results achieved by the Company. These forward-looking statements represent the Company's judgment as of the date of this release. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

CB& is a global engineering and construction company specializing in the design and engineering, fabrication, field erection and repair of bulk liquid terminals, storage tanks, process vessels, low temperature and cryogenic storage facilities and other steel plate structures and their associated systems. Information about Chicago Bridge &Iron is available from the Company's Web site at www.chicagobridge.com.