Layne Christian Company ( LAYN ) recently announced that its Geoconstruction Division was awarded an approximately $19-million worth special contract related to the construction of the Tansbay Tower in San Francisco. The construction work is expected to take six months to complete and it would begin in Oct 2013.
The scope of the contract requires the Geoconstruction Division to construct the building foundation system using LBE (load bearing elements). These LBEs are specially designed to support vertical loads from the building framing system and transfer them to the foundation. The foundation is expected to have a depth of 245 feet.
The Tansbay Tower, for which Layne is awarded the foundation construction contract, is expected to be the tallest tower in the West Cost with a height of 1,070 feet and having 61 stories. This tower will be constructed next to the Transit Center, which is a visionary transportation and housing project that is believed to transform downtown San Francisco and the San Francisco Bay Area's regional transportation system by building a "Grand Central Station of the West" in the heart of a new transit-friendly neighborhood.
Layne Christian's Geoconstruction Division essentially provides specialized geotechnical foundation construction services to heavy civil, industrial, commercial and private construction markets across the globe.
Layne Christian is a global water management, construction and drilling company. Currently, the company has a Zacks Rank #5 (Sell). However, other companies that can be considered at the moment are ITT Corp . ( ITT ), Kaydon Corp. ( KDN ) and AO Smith Corp. ( AOS ). All three carry a Zacks Rank #2 (Buy).