Perma-Pipe International Holdings Announces Contract Award in Excess of $4.5 Million in Canada

Rhea-AI Summary

Perma-Pipe International Holdings (Nasdaq: PPIH) has secured a contract valued at over $4.5 million for a district heating and cooling network project in Eastern Canada. This project will implement Perma-Pipe's Multi-Therm® high temperature pre-insulated pipe system, featuring a galvanized and insulated steel carrier pipe within an insulated steel outer pipe protected by a fiberglass-reinforced jacket. Execution will commence in Q2 2021 at the Lebanon, Tennessee facility. The award reinforces Perma-Pipe's leadership in engineered piping solutions for healthcare infrastructure.

Positive

• Contract awarded for over $4.5 million, enhancing revenue potential.
• Utilization of Multi-Therm® high temperature pre-insulated pipe system demonstrates product reliability.
• Project execution commencing in Q2 2021 may lead to further opportunities.

Negative

• None.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today announced it has been awarded a contract for a district heating and cooling network for a healthcare infrastructure project in Eastern Canada valued at over $4.5 million.

The project will utilize Perma-Pipe’s premier engineered Multi-Therm^® high temperature pre-insulated pipe system. The Multi-Therm^® system consists of a galvanized and insulated steel carrier pipe enclosed by an outer insulated steel pipe protected by a fiberglass reinforced outer jacket. The project will begin execution in Perma-Pipe’s facility in Lebanon, Tennessee in Q2 2021.

Brad Schultz, General Manager for Perma-Pipe United States commented, “Perma-Pipe looks forward to participating in such a strategic redevelopment of the healthcare infrastructure in Eastern Canada. The Multi-Therm^® pre-insulated pipe system has been supplied to many customers and projects throughout the United States and Canada and this project demonstrates our leadership position in this market.”

David Mansfield, President and CEO commented, "Our diverse group of premier engineered products have broad applications that are proven to address customer needs. We are confident in our ability to continue to provide these quality products and in serving our customers’ expectations. We thank our customer for this award which reinforces our commitment to establishing ‘Partners in Excellence.’”

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at thirteen locations in six countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210510005623/en/

FAQ

What is the value of the new contract awarded to Perma-Pipe International Holdings (PPIH)?

The new contract awarded to Perma-Pipe International Holdings is valued at over $4.5 million.

What product is being used for the healthcare project in Eastern Canada by PPIH?

Perma-Pipe is utilizing its Multi-Therm® high temperature pre-insulated pipe system for the healthcare project.

When will the project execution for the new contract begin for PPIH?

The project execution for the new contract will commence in Q2 2021.

Where will the execution of the project by Perma-Pipe be carried out?

The execution of the project will be carried out at Perma-Pipe's facility in Lebanon, Tennessee.