James Construction Group, a unit of
Primoris Services Corporation
), has secured a major construction contract worth $100 million
for two of its industrial facilities in south Louisiana.
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Acquired in 2009, James Construction Group is a unit of the East
Construction Services segment of Primoris. Its Industrial and
Infrastructure groups secured the contract to build new nitrogen
and ammonia plants. The project also includes relocation and
formation of a methane reformer. The construction will be
completed by the end of next year.
Primoris, which belongs to the building and heavy construction
industry along with
Chicago Bridge & Iron Company N.V.
), recently secured new contracts worth $155 million. The deals
cover pipeline and highway infrastructure projects throughout the
Primoris' East Construction Services segment recorded sales of
$175 million in second-quarter 2013, up 12% from the year-ago
quarter, led by the acquisitions of Saxon and FSSI (Force
Specialty Services Inc). Enhanced activity at Sprint and
increased water facility treatment work in Florida and Texas also
drivers of growth, partly offset by a decline in the JCG Heavy
Civil and Infrastructure & Maintenance divisions.
Over the next four quarters, Primoris will recognize revenues of
around 50% of the East Construction Services segment backlog,
about 98% of the West Construction Services segment backlog and
100% of the Engineering segment backlog.
Dallas, TX-based Primoris is a specialty contractor and
infrastructure company which serves diverse end markets. The
company also provides a wide range of construction, fabrication,
maintenance, replacement, water and wastewater, and engineering
services to major public utilities, petrochemical companies,
energy companies, municipalities and other customers.
Primoris currently retains a Zacks Rank #3 (Hold).
Other stocks in the building and heavy construction industry with
favorable Zacks rank are
Empresas ICA, S.A.B. de C.V.
Hopewell Highway Infrastructure Ltd
). Both hold a Zacks Rank #2 (Buy).