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 approximately $10.7 million from the Los Angeles County Sanitation Districts (“LACSD”).
Insituform® cured-in-place pipe (CIPP) will be installed in approximately 9,000 feet of severely corroded reinforced concrete wastewater pipe ranging in diameter from 57 inches to 66 inches. The project includes pipeline rehabilitation in mostly industrial business areas in Torrance and Los Angeles. As the general contractor for the project, Insituform will oversee all aspects of the project including construction of junction structures and manholes as well as other related infrastructure rehabilitation.
Kenneth Foster, Vice President and General Manager of Insituform’s North American Rehabilitation West Region, said, “For over 15 years, Insituform has worked for LACSD, completing an average of two to three projects each year. Installing Insituform® CIPP will be challenging due to the need to remove contaminated debris present throughout the pipelines prior to installation of our CIPP technology. Our experienced project management team and crews are prepared to meet the challenges of this project and we are confident in our ability to exceed the expectations of LACSD.”
Work is expected to begin in January 2014 and the project is expected to be completed by September 2014.About Aegion Corporation Aegion Corporation is a global leader in infrastructure protection and maintenance, providing proprietary technologies and services: (i) to protect against the corrosion of industrial pipelines; (ii) to rehabilitate and strengthen water, wastewater, energy and mining piping systems and buildings, bridges, tunnels and waterfront structures; and (iii) to utilize integrated professional services in engineering, procurement, construction, maintenance and turnaround services for a broad range of energy related industries. More information about Aegion can be found on our internet site at www.aegion.com. About Insituform Technologies, LLC For over forty years, Insituform Technologies, LLC, a subsidiary of Aegion Corporation, has been a global leader in the development and installation of proprietary technologies and services for rehabilitating sewer, water and other underground piping systems without digging or disruption. More information about Insituform Technologies can be found on its Internet site at www.insituform.com. Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. The Company makes forward-looking statements in this news release that represent the Company’s beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to the Company 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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission on February 27, 2013, and in the Company’s subsequent quarterly reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, the Company’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, the Company does not assume a duty to update forward-looking statement, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by the Company from time to time in its periodic 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 the Company in this news release are qualified by these cautionary statements.
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