Aegion Subsidiary Awarded $10.6M Wastewater Rehabilitation Project in Massachusetts
SAINT LOUIS, MO., March 8, 2019 - Aegion Corporation (“Aegion” or the “Company”) (Nasdaq Global Select Market: AEGN) today announced that its subsidiary, Insituform Technologies, LLC (“Insituform”), has been awarded a contract valued at $10.6 million from the City of Lawrence, Massachusetts for the rehabilitation of nearly 8 miles of 8- to 54-inch wastewater pipelines located in residential, commercial and industrial areas alongside the Merrimack River.
Insituform will act as the general contractor on the project and will manage the installation of its Insituform® cured-in-place pipe (CIPP) along with all other aspects of the project. The Company anticipates approximately 60 percent of the project will be performed by established local subcontractors, including National Water Main, P. Gioioso & Sons, Ted Berry Company and Tasco Construction. The use of CIPP will avoid disruptive excavations and sewer shutdowns in high traffic areas as well as the riverfront.
The project is anticipated to begin in April 2019 and is scheduled to be completed within two years.
Charles R. Gordon, Aegion President and Chief Executive Officer, said, “We have a strong operations team in the Northeast that is ready to successfully execute this project. In addition to the installation of CIPP, our team will also oversee the clean and CCTV, manhole rehabilitation, traffic control, and other items in the scope on this project. We have dedicated 10 personnel to this project and will work closely with the city of Lawrence throughout the project to ensure its success.”
About Aegion (NASDAQ: AEGN)
Aegion combines innovative technologies with market-leading expertise to maintain, rehabilitate and strengthen infrastructure around the world. Since 1971, the Company has played a pioneering role in finding transformational solutions to rehabilitate aging infrastructure, primarily pipelines in the wastewater, water, energy, mining and refining industries. Aegion also maintains the efficient operation of refineries and other industrial facilities. Aegion is committed to Stronger. Safer. Infrastructure.®
More information about Aegion can be found at http://www.aegion.com/.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Aegion's forward-looking statements in this news release represent its beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to Aegion and on management's beliefs, assumptions, estimates or projections and are not guarantees of future events or results. When used in this document, the words "anticipate," "estimate," "believe," "plan," "intend," "may," "will" and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Such statements are subject to known and unknown risks, uncertainties and assumptions, including those referred to in the "Risk Factors" section of Aegion's Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on March 1, 2019, and in subsequently filed documents. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, Aegion's actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, Aegion does not assume a duty to update forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by Aegion from time to time in Aegion's filings with the Securities and Exchange Commission. Please use caution and do not place reliance on forward-looking statements. All forward-looking statements made by Aegion in this news release are qualified by these cautionary statements.
Aegion® the Aegion® logo, Insituform® and Stronger. Safer. Infrastructure.® are the registered trademarks of Aegion Corporation and its affiliates.
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