UPDATE: Layne Christensen Geoconstruction Division Receives $132.5M Contract From U.S Army Corp Of Engineers
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."
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.