THE WOODLANDS, Texas, April 10, 2014 (GLOBE NEWSWIRE) -- 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.
Layne Christensen Company Jim Easter Chief Financial Officer 281-475-2694 Jenny Caulk Director of Communications 281-475-2621 The Equity Group Inc. Devin Sullivan Sr. Vice President 212-836-9608 Thomas Mei Associate 212-836-9614
