The Gorman-Rupp Company (NYSE MKT: GRC) reports that its Patterson Pump Company subsidiary has received a letter of intent to be the provider of pumps to a joint venture construction group for an important New Orleans, Louisiana flood control project.
Under a federal contract awarded September 28, 2012, the Permanent Canal Closure and Pumps (PCCP) project will be funded and administered by the U.S. Army Corps of Engineers, New Orleans District. This significant project has been awarded to the design-build team of PCCP Constructors, a joint venture whose principals are Kiewit Louisiana, MR Pittman Group and Traylor Bros.
The purpose of this project is to ensure public safety by completing a storm risk-reduction barrier system to prevent a 100-year storm-surge in Lake Pontchartrain from entering the three outfall canals – 17 th Street, London Avenue and Orleans Avenue. The PCCP project system will be designed to move nearly 11 million gallons of water per minute when needed and to allow the Sewage and Water Board of New Orleans to evacuate rainwater unimpeded from the City of New Orleans.
Patterson Pump Company’s participation in the PCCP project initially is estimated to be valued at nearly $70 million and is subject to revision as the design-build project progresses through the final design stage during 2013. The majority of the construction and installation of this system is expected to occur throughout the following two years.Jeffrey S. Gorman, President and CEO said, “We congratulate the entire Patterson Pump team for all their efforts in securing this sizeable order. We look forward to continuing our ongoing work with PCCP Constructors and the U.S. Army Corps of Engineers in providing the pumps for this important project for the greater New Orleans area.” Released by David P. Emmens, Corporate Secretary, Telephone (419) 755-1477. For additional information contact Wayne L. Knabel, Chief Financial Officer, Telephone (419) 755-1397.
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