) declared that its unit, Insituform Pacific Pty. Ltd., has
received a five-year contract from Barwon Water in Victoria,
Australia, worth around $24.7 million.
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Barwon Water is Victoria's largest regional urban water
corporation and provides water and wastewater services to more
than 295,000 permanent residents. In 2013, Barwon Water
implemented its five-year Water Plan in order to improve the
delivery of quality services.
Insituform, a global leader in the development and installation
of proprietary technologies and services for reconstructing
sewer, water and other underground piping systems, will manage
the cleaning and inspection.
Insituform will use its Cured-in-Place Pipe (CIPP) technology to
install 5,000 square miles of wastewater pipelines in the city
ranging from 6-9 inches in diameter. In addition to the indirect
employment of subcontractors and suppliers in the region,
Insituform expects to add around 16 new positions.
Additionally, Insituform will provide a community contact number,
establishing and maintaining customer contact details,
notifications for all works and daily notifications to Barwon
Water's contracts team and customer call center.
Recently, Aegion secured a contract from the Metropolitan St.
Louis Sewer District (MSD) worth around $5.2 million to provide
rehabilitation with CIPP. The company also won a three-year fixed
price and quantity contract valued at $10 million from the U.S.
Army Corps of Engineers for cathodic protection and corrosion
Chesterfield, Mo.-based Aegion is a diversified building and
construction company that provides infrastructure protection,
proprietary technologies and services. Aegion also offers
services related to the rebuilding and improvement of sewer,
water, energy and mining piping systems.
Aegion slashed its fiscal 2013 adjusted earnings guidance to the
range of $1.27 to $1.32 per share from its earlier guidance of
$1.53 to $1.60. The downward revision in the yearly guidance was
largely due to the expected weak results in the Commercial and
However, Aegion will benefit from its strong backlog.
Furthermore, the company's contract wins in the past as well as
its scope to gain more such deals in the future bode well for the
Currently, Aegion carries a Zacks Rank #5 (Strong Sell). However,
some better-ranked stocks in the sector include
United Rentals, Inc.
Chicago Bridge & Iron Co. N.V.
). All of these have a Zacks Rank #2 (Buy).