Aegion Corporation Awarded $14 Million in Wastewater Pipeline Rehabilitation Contracts in the State of New York
ST. LOUIS, Nov. 22, 2019 (GLOBE NEWSWIRE) -- Aegion Corporation (NASDAQ:AEGN) today announced that its subsidiary, Insituform Technologies, LLC, has been awarded two contracts totaling over $14 million from a municipal agency in New York.
The combined projects require Insituform to rehabilitate more than 50 miles of 8- to 48-inch diameter wastewater pipelines using Insituform® cured-in-place pipe (CIPP) throughout residential and commercial areas. Insituform expects to complete the installations by the end of June 2020. Since 2015, Insituform has rehabilitated more than 90 miles of 8- to 24-inch diameter wastewater pipelines for the municipality using Insituform® CIPP.
Charles R. Gordon, Aegion’s President and CEO, said, “The state of New York has some of the oldest infrastructure in the United States, with pipelines failing at an alarming rate. Insituform® CIPP helps municipalities rehabilitate their pipeline infrastructure at a lower overall cost and with minimized social disruption compared to dig-and-replace replacement.”
About Aegion Corporation (NASDAQ: AEGN)
Aegion combines innovative technologies with market-leading expertise to maintain, rehabilitate and strengthen infrastructure around the world. Since 1971, the Company has played a pioneering role in finding transformational solutions to rehabilitate aging infrastructure, primarily pipelines in the wastewater, water, energy, mining and refining industries. Aegion also maintains the efficient operation of refineries and other industrial facilities. Aegion is committed to Stronger. Safer. Infrastructure.®
More information about Aegion can be found at https://www.aegion.com/.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Aegion’s forward-looking statements in this news release represent its beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to Aegion 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 Aegion’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on March 1, 2019, and in subsequently filed documents. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, Aegion’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, Aegion does not assume a duty to update forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by Aegion from time to time in Aegion’s 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 Aegion in this news release are qualified by these cautionary statements.
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