Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) today announced water and sewer projects in Hong Kong totaling more than USD $13 million.
According to the company, the majority of the work in Hong Kong is the largest drinking-water pipeline rehabilitation project for the company to date, with more than 30 kilometers (approximately 19 miles) of water pipeline to be rehabbed under and around the famed Nathan Road in Kowloon, Hong Kong.
Work began on this project on January 20, 2008. Insituform also started work in November 2007 on two major three-year term CIPP (cured-in-place pipe) maintenance projects for Hong Kong’s Drainage Services Department, according to a release.
Insituform has partnered in Hong Kong with VSL International Ltd. Together, they operate Insituform Asia Ltd., a 50-50 joint venture.
Insituform says it started 2008 with approximately USD $50 million in project backlog in its newly formed joint venture operations in Hong Kong and India. The increase in these markets for the company results from significant orders received in the fourth quarter of 2007, it says, and reflects focused efforts on the strategic expansion of international and drinking water markets.
"Our efforts to develop new products for the drinking water market are paying off in these growing markets," said Alex Buehler, Vice President of Marketing and Technology. "The Company’s trenchless technology is perfect for the work in Hong Kong, one of the most densely populated cities on earth, where digging to rehabilitate water lines is not an option in many cases. The city has embarked on a large program to rehabilitate its aging drinking water system and Insituform’s new products meet this demand."
About Insituform Technologies, Inc.
Insituform Technologies, Inc. is a worldwide provider of proprietary technologies and services for rehabilitating sewer, water, and other underground piping systems without digging or disruption.
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