The Chemours Company Awards Matrix PDM Engineering Front-End Engineering Design and Detail Engineering for a Project at Its Washington Works, West Virginia Facility

Rhea-AI Summary

Matrix Service Company (Nasdaq: MTRX) has secured a significant project from The Chemours Company for Front-End Engineering Design (FEED) and detail engineering services at Chemours' Washington Works facility in West Virginia. This project marks the first assignment under a newly established Master Service Agreement. Chemours emphasized Matrix’s capable team and effective execution plan as key selection factors. The Washington Works facility is Chemours' largest site for Advanced Performance Materials, crucial for various industries including construction and aerospace.

Positive

• Awarded Front-End Engineering Design (FEED) project by Chemours, indicating a strong business relationship.
• First project under a new Master Service Agreement, suggesting potential for future collaborations.

Negative

• None.

TULSA, Okla., Jan. 18, 2022 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq: MTRX) announced today that The Chemours Company (Chemours) has awarded Matrix PDM Engineering the Front-End Engineering Design (FEED) and detail design engineering for an industrial project at its Washington Works, West Virginia facility. The project is the first to be awarded under a recently signed Master Service Agreement.

“We are pleased to have selected Matrix PDM Engineering for this critical project work,” said Mark A. Cotugno, Global Procurement Director, Enterprise Capital for Chemours. “Their strong team, well-aligned execution plan, and common core values were key to their selection.”

Products produced at Chemours Washington Works facility — the company’s largest Advanced Performance Materials manufacturing site — support the continued safety and growth of the construction, semiconductor, automotive, aerospace, and household goods industries, among others.

“We look forward to partnering with The Chemours Company on this important project and appreciate the trust and confidence they have placed in us to perform the upfront and detailed engineering required for this project,” said Matrix Service Company President and Chief Executive Officer, John R Hewitt. “We look forward to doing so, and to building a long-standing relationship to provide service at Washington Works and elsewhere across their portfolio of assets.”

About Matrix Service Company

Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, is a leading North American industrial engineering, construction, and maintenance contractor headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea.

The Company reports its financial results in three key operating segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.

With a focus on sustainability, building strong Environment, Social and Governance (ESG) practices, and living our core values, Matrix ranks among the Top Contractors by Engineering-News Record, has been recognized for its Board diversification, is an active signatory to CEO Action for Diversity and Inclusion, and is recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit www.matrixservicecompany.com and read our inaugural Sustainability Report.

For more information about Matrix, please contact:

Kevin S. Cavanah Matrix Service Company Vice President and CFO T: 918-838-8822 Email: ir@matrixservicecompany.com

Kellie Smythe Matrix Service Company Senior Director, Investor Relations T: 918-359-8267 Email: ksmythe@matrixservicecompany.com

This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.

 

FAQ

What project was awarded to Matrix Service Company by Chemours?

Matrix Service Company was awarded the Front-End Engineering Design (FEED) and detail design engineering project at Chemours' Washington Works facility.

What is the significance of the Master Service Agreement signed with Chemours?

The Master Service Agreement allows Matrix to undertake multiple projects for Chemours, beginning with the awarded FEED project.

What industries does the Chemours Washington Works facility support?

Chemours' Washington Works facility supports industries including construction, semiconductor, automotive, aerospace, and household goods.

When was the project announcement made?

The project announcement was made on January 18, 2022.

What is the stock symbol for Matrix Service Company?

The stock symbol for Matrix Service Company is MTRX.