Layne Christensen's Heavy Civil Division Announces $24 Million in New Contracts
April 10 2014 - 9:15AM
Layne Christensen Company (Nasdaq:LAYN)
("Layne" or the "Company")
announced today that its Heavy Civil division has received two
separate water infrastructure contracts with an aggregate value of
approximately $24 million.
New Water Treatment Plant, City of Roswell,
Georgia
Layne will construct a new, state-of-the-art water treatment
plant for the City of Roswell, Georgia, replacing an 80-year-old
facility that could no longer efficiently or cost-effectively
supply water for its citizens. The new water treatment plant is
expected to expand the city's water capacity to 3 million gallons a
day, and is also projected to save the City of Roswell
approximately $11.6 million over a 20-year period by reducing
outside water purchases, and lowering repair and refurbishment
expenses. Additional benefits for the City of Roswell include
the ability to maintain local control over a key portion of its
water resources, securing the city's water future via the scalable
treatment capacity provided by the new plant, and mitigating the
risk of future rate increases by slowing operational expenditures,
including repair and maintenance costs.
Work on this 18-month project is expected to commence in May
2014.
One Layne Water and Wastewater System Improvements,
Skyview Utilities (City of Lakeland, Florida)
Layne's Heavy Civil and Inliner divisions are collaborating on
this multi-faceted project that will improve the water
infrastructure of the Skyview Utilities system, an independent
entity providing water and wastewater services for the Skyview
community. Heavy Civil and Inliner will construct a new
wastewater treatment system, consisting of a master pump station
and force main to deliver wastewater to the City of Lakeland;
replace water distribution facilities that have stretched beyond
their useful life; and construct new distribution piping to provide
reliable service to existing customers. The project is expected to
eliminate unpermitted discharge and associated contamination into
Florida waters, reduce the financial burden on property owners and
citizens of the City of Lakeland, and provide a permanent water and
wastewater solution for the people of Skyview.
Work on this 18-month project is expected to commence in May
2014.
Rene Robichaud, President and CEO of Layne, said, "These
projects will improve local access to clean water in a safe,
sustainable, and responsible manner, while providing long-term
economic and regional planning benefits. Our One Layne operating
paradigm combines the unique skill sets of our division
professionals, allowing us to offer integrated, tailored solutions
to some of the world's most complex water management
problems."
Layne Christensen Company
Layne is a global water management, construction and drilling
company, providing responsible solutions 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.
Forward-Looking Statements
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, 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
Jim Easter
Chief Financial Officer
281-475-2694
jim.easter@layne.com
Jenny Caulk
Director of Communications
281-475-2621
jenny.caulk@layne.com
The Equity Group Inc.
Devin Sullivan
Sr. Vice President
212-836-9608
dsullivan@equityny.com
Thomas Mei
Associate
212-836-9614
tmei@equityny.com
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