NWPX Cements Mountain States Grip with Boughton's Precast Buy

VANCOUVER, Wash. – February 24, 2026 – NWPX Infrastructure, Inc. (Nasdaq: NWPX) has announced a significant strategic expansion into the American West, acquiring Boughton's Precast, Inc., a half-century-old manufacturer based in Pueblo, Colorado. The deal, which closed on February 23, 2026, provides the water infrastructure giant with a crucial manufacturing foothold in the rapidly growing Mountain States region and is expected to be immediately accretive to earnings.

The newly acquired business, which specializes in precast concrete products and reinforced concrete pipe for stormwater and sanitary sewer systems, will be rebranded and operate under the NWPX Precast name. The move is the latest in a series of calculated acquisitions designed to diversify NWPX's product offerings and extend its geographic reach.

"This acquisition provides a strategic beachhead in the Mountain States region and supports our long-term organic growth strategy," said Scott Montross, President and Chief Executive Officer of NWPX Infrastructure, in a statement accompanying the announcement. "By adding a precast manufacturing facility in Colorado, we strengthen our ability to serve customers in a growing market while expanding our concrete and precast capabilities."

A Strategic Play in a Thirsty Region

The acquisition is more than just a line-item purchase; it represents a deliberate move into a region grappling with immense infrastructure challenges and flush with investment. The Mountain States, and Colorado in particular, are facing a convergence of aging water systems, rapid population growth, and increasing water scarcity driven by climate change. These pressures have unlocked a wave of public and private spending aimed at modernizing a system in critical need of an upgrade.

According to the American Society of Civil Engineers (ASCE), Colorado’s drinking water and wastewater infrastructure received a concerning "C-" grade in its 2020 report card. The state requires an estimated $10.2 billion for drinking water and $4.7 billion for wastewater improvements over the next two decades. The Colorado Water Conservation Board projects a total need of $20 billion over 30 years to meet future demand.

Federal funding is pouring in to address this deficit. The Infrastructure Investment and Jobs Act (IIJA) has allocated $560 million for Colorado water projects through 2026. Just this month, the EPA announced another $73 million for the state's water infrastructure upgrades. This firehose of capital makes the region a prime target for companies like NWPX that can supply the essential components—pipes, manholes, and vaults—needed for these large-scale projects.

This is NWPX's third major acquisition in just over six years, highlighting a consistent M&A strategy. It follows the purchase of Utah-based Geneva Pipe and Precast for $49.4 million in January 2020 and Texas-based ParkUSA for $87.4 million in October 2021. Each deal has systematically built out the company's Precast Infrastructure and Engineered Systems segment, a division that has become a powerful engine for growth.

Building on a Foundation of Precast Success

The move to acquire Boughton's aligns perfectly with NWPX's recent corporate evolution. In June 2025, the company officially changed its name from Northwest Pipe Company to NWPX Infrastructure, Inc., a move designed to reflect its successful diversification beyond its legacy as a manufacturer of engineered steel pipe. The company now operates two distinct segments: Engineered Steel Pressure Pipe and the rapidly expanding Precast Infrastructure and Engineered Systems.

The precast segment has been a standout performer, achieving record net sales of $48.6 million in the second quarter of 2025, a 21.5% increase year-over-year. The acquisitions of Geneva and ParkUSA brought in expertise in reinforced concrete pipe, precast vaults, and complex water management equipment like pump lift stations and wastewater pretreatment systems. Boughton's product line—which includes reinforced concrete pipe, manholes, catch basins, and grease traps—is a direct and complementary fit, adding manufacturing capacity and logistical advantages in a new territory.

By integrating Boughton's operations, NWPX can now locally produce and supply a comprehensive suite of water management products to contractors and municipalities across Colorado and neighboring states. As CEO Scott Montross noted, the company expects to "leverage shared expertise and broaden our product offerings to create lasting value for our customers and shareholders."

New Chapter for a Pueblo Mainstay

For the community of Pueblo, Colorado, the acquisition marks the end of an era for a local industrial mainstay. Boughton's Precast was founded in 1974 as a family-operated business and has served the region's construction needs for over 50 years. Its transition from an independent, local entity to a division of a publicly-traded North American corporation signifies a major shift in the area's business landscape.

The integration into the NWPX Precast brand will bring new resources, technology, and corporate structure to the Pueblo facility. While a larger corporate owner can provide stability and growth opportunities, such transitions often come with cultural adjustments for long-time employees and changes in local business relationships. The move places the Pueblo plant at the center of NWPX’s strategic ambitions in the West, ensuring its continued role in regional infrastructure development, albeit under a new banner.

Reshaping the Competitive Landscape

NWPX's arrival as a local manufacturer is set to alter the competitive dynamics in the Mountain States' precast concrete market. The region is currently served by a mix of established local and regional players, including Copeland Precast, Arco Concrete, and Derksen Precast, many of whom have deep, long-standing relationships with area contractors.

By acquiring Boughton's, NWPX isn't just buying a factory; it's buying market access and a local production hub that eliminates the high costs of transporting heavy concrete products over long distances. This allows the company to compete more aggressively on price and delivery times. Furthermore, as a larger, well-capitalized entity, NWPX can offer a broader, integrated suite of products that smaller competitors may not be able to match, positioning itself as a one-stop shop for complex water infrastructure projects.

The combination of a national footprint, a diverse product portfolio, and a new local presence gives NWPX a formidable competitive edge. As federal and state infrastructure dollars continue to fund projects across the region, the company is now strategically positioned to capture a significant share of that work, challenging the market share of incumbent regional suppliers.