Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today that its joint venture, UPS-Aptec Limited, has been awarded a $67.3 million (USD) project for the installation of approximately 135 miles of high-density polyethylene (HDPE) liner in pipelines located in the Khouribga basin in Morocco. UPS-Aptec Limited is 51% owned by United Pipeline Systems International, Inc., a subsidiary of Insituform, and 49% owned by Allied Pipeline Technologies SA, a Chilean company (“APTec”). UPS-Aptec Limited will install the HDPE liner in new pipelines for the Office Cherifien des Phosphates (OCP) Slurry Pipeline project. OCP is the world’s largest exporter of phosphates and derivatives. UPS-Aptec Limited is a subcontractor to Tekfen Construction and Installation Co. Inc., a Turkish company, the general contractor for the project. The OCP slurry pipeline will be lined with HDPE pipe to provide corrosion protection and abrasion resistance to the newly installed pipelines, which will carry several grades of phosphates to Jorf Lasfar Terminal located between Khouribga and Jorf Lasfar. J. Joseph Burgess, President and Chief Executive Officer of Insituform, said, “We are proud to have secured this project, which is the largest single project in United Pipeline Systems’ history. Securing this project required the coordinated efforts of United Pipeline Systems, Insituform and APTec. The partnership brings together United Pipeline Systems’ long history and vast experience working on large Tite Liner® projects in new countries while APTec brings the experience of Tehmco SA, a Chilean company and affiliate of APTec (“Tehmco”), in producing HDPE pipe. Tehmco has teamed up with a local HDPE producer and will be adding a new extrusion line to produce the HDPE pipe for the project. This project together with Insituform’s Energy and Mining group’s overall efforts in the Middle East and North Africa are expected to generate over $120 million in revenues in 2012.”
Insituform Technologies (Nasdaq:INSU) hit a new 52-week low Friday as it is currently trading at $11.49, below its previous 52-week low of $11.61 with 334,164 shares traded as of 10:20 a.m. ET. Average volume has been 479,300 shares over the past 30 days.
Shares of Insituform Technologies (Nasdaq:INSU) were gapping down Thursday morning with an open price 11.2% lower than Wednesday's closing price. The stock closed at $13.22 yesterday and opened today's trading at $11.74.
Insituform Technologies (Nasdaq:INSU) hit a new 52-week low Wednesday as it is currently trading at $12.98, below its previous 52-week low of $13.01 with 342,541 shares traded as of 3:46 p.m. ET. Average volume has been 480,400 shares over the past 30 days.