• Further validates company's strategy to grow potable water business, Insituform Blue™
CHESTERFIELD, MO, April 1, 2008 -- Insituform Technologies Inc. announced that it has been awarded a $4.25 million contract to rehabilitate a century-old water main line running beneath Madison Avenue in New York City, one of the busiest streets in the world.
Under the terms of the contract, Insituform Blue™, the company's potable water business, will rehabilitate 10,000 feet of 48-inch diameter water line using a high-density polyethylene (HDPE) product that will create a new pipe-within-a-pipe. The company's technology and processes make it possible to rehabilitate the water main line without digging an open trench the entire length of the line.
"This project further validates the success of Insituform's strategy to accelerate the growth of Insituform Blue™, our potable water business," said Alfred L. Woods, Chairman and Interim Chief Executive Officer of Insituform. "Insituform Blue™ continues to deliver industry-leading technological innovation and operational excellence, which we believe gives Insituform a competitive advantage and provides us with new growth opportunities, including this prestigious Madison Avenue project."
"Insituform Blue™ provides a smart, effective solution with the least disruption and environmental impact on one of the busiest streets in the world," said Gary Wiegmann, Managing Director of Insituform Blue™. "Older rehabilitation technologies would require a trench 37 blocks long to allow replacement of the old pipeline, disrupting utilities, traffic and businesses, at great cost to the commerce and taxpayers of the City of New York. Our industry-leading technology allows us to install 10,000 feet of pipe-within-a-pipe without having to dig a two-mile trench."
Insituform will work as a subcontractor to Halcyon Construction Corporation of Pleasantville, NY, rehabilitating pipeline from 41st Street north to 78th Street under the administration of the New York City Department of Design and Construction. The work is projected to occur primarily on weekends beginning in June 2008.
"We are thrilled to be partnering with the City of New York and Halcyon Construction on what we are confident will be an important and successful project," concluded Wiegmann.
Insituform Technologies Inc. is a worldwide provider of proprietary technologies and services for rehabilitating sewer, water and other underground piping systems without digging or disruption.
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