THE WOODLANDS, Texas, Aug. 28, 2014 (GLOBE NEWSWIRE) -- Layne Christensen Company (Nasdaq: LAYN ) ("Layne" or the "Company") announced today that its Geoconstruction division has received a $132.5 million contract from the Pittsburgh District, U.S. Army Corp of Engineers for the East Branch Dam located in Elk County, Pennsylvania.
Work on the project is scheduled to commence later this year and should be completed by the end of 2018.
The project involves installing a concrete cut-off wall within the existing embankment and bedrock, foundation grouting services, permanent dam modifications and the installation of sophisticated electronic devices to monitor dam safety. The East Branch Dam controls the water from the East Branch Lake, which is upstream from many communities in the Elk County area. The resiliency of the dam is crucial to mitigating potential floods. The work to be performed by the Geoconstruction division and Bencor, a wholly-owned subsidiary of Layne, will mitigate seepage and erosion throughout the dam's foundation.
David A.B. Brown, President & CEO of Layne, commented, "This project is part of a long-term risk reduction plan which will ensure that the flood control capabilities of the East Branch Dam remain strong for decades to come. Our Geoconstruction team will apply its more than 45 years of expertise in designing and constructing deep foundation systems for dams to ensure that this project is completed safely and on schedule."
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 length of time required to hire a successor chief executive officer and chief financial officer and their future performance, the Company's ability to settle the ongoing investigation by the SEC into the legality, under the FCPA, 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), 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 David A.B. Brown President and CEO 281-475-2690 Jenny Caulk Director of Communications 281-475-2621 The Equity Group Inc. Devin Sullivan Senior Vice President 212-836-9608 Thomas Mei Associate 212-836-9614
