MISSION WOODS, Kan., May 25, 2012 (GLOBE NEWSWIRE) -- Layne Christensen Company (Nasdaq:LAYN) ("Layne" or the "Company") announced today that the Washington Suburban Sanitary Commission (the "WSSC") has awarded Layne Inliner an Indefinite Delivery, Indefinite Quantity ("IDIQ") contract for sanitary sewer repairs, replacement and renewals in environmentally sensitive areas. The contract has a value to Layne Inliner of up to $70 million, with a WSSC option for an additional $10 million in work.
This is the third IDIQ contract that WSSC has awarded to Layne's Inliner division since 2011, and raises the combined contract value with WSSC to up to $120 million, excluding WSSC options for additional work. Work is in the early stages on the first two WSSC contracts. Each of the three IDIQ contracts has a five-year base term with optional two-year renewals.
WSSC is one of the largest water and wastewater utilities in the country serving almost 2 million residents. Its principal service area is Prince George's and Montgomery counties in Maryland.
Layne CEO, Rene Robichaud, stated, "Layne is proud of our Inliner team. The pipeline rehabilitation business is crucial for modernizing our country's extensively decayed infrastructure. Layne Inliner consistently exceeds our clients' expectations, and has been rewarded with high customer loyalty leading to profitable growth. Our people deliver these impressive results while focusing on continuous improvement in safety and sustainable business practices."
Since 1986, Inliner® cured in place pipe has been used all over the world to protect, seal and renew over 15 million feet of sanitary, storm and industrial process piping. This proprietary, trenchless technology rehabilitates aging sanitary sewer, storm water and process water infrastructure, while minimizing environmental impact and reducing or eliminating surface and social disruption.
Layne Christensen Company
Layne is a global solutions provider to the world of essential natural resources – water, mineral and energy. We offer innovative, sustainable products and services with an enduring commitment to safety, excellence, and integrity.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. Such statements may include, but are not limited to, statements of plans and objectives, statements of future economic performance and statements of assumptions underlying such statements, and statements of management's intentions, hopes, beliefs, expectations or predictions of the future. Forward-looking statements can often be identified by the use of forward-looking terminology, such as "should," "intended," "continue," "believe," "may," "hope," "anticipate," "goal," "forecast," "plan," "estimate" and similar words or phrases. Such statements are based on current expectations and are subject to certain risks, uncertainties and assumptions, including but not limited to: the outcome of the ongoing internal investigation into, among other things, the legality, under the FCPA and local laws, of certain payments to agents and other third parties interacting with government officials in certain countries in Africa relating to the payment of taxes and the importing of equipment (including any government enforcement action which could arise out of the matters under review or that the matters under review may have resulted in a higher dollar amount of payments or may have a greater financial or business impact than management currently anticipates), prevailing prices for various commodities, unanticipated slowdowns in the Company's major markets, the availability of credit, the risks and uncertainties normally incident to the construction industry and exploration for and development and production of oil and gas, the impact of competition, the effectiveness of operational changes expected to increase efficiency and productivity, worldwide economic and political conditions and foreign currency fluctuations that may affect worldwide results of operations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially and adversely from those anticipated, estimated or projected. These forward-looking statements are made as of the date of this filing, and the Company assumes no obligation to update such forward-looking statements or to update the reasons why actual results could differ materially from those anticipated in such forward-looking statements.
CONTACT: Layne Christensen Company Jerry W. Fanska Sr. Vice President Finance 913-677-6858 www.layne.com The Equity Group Inc. Devin Sullivan Sr. Vice President 212-836-9608
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here