Perma-Pipe International Holdings, Inc. Announces $10 Million in Contract Awards in Saudi Arabia
July 15 2024 - 4:17PM
Business Wire
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) today
announced it has recently been awarded new contracts worth $10
million in Saudi Arabia. Most of these awards will be executed and
delivered during the next quarter.
The newly awarded projects are part of major infrastructure
developments in Riyadh, Madinah, and Mekkah in Saudi Arabia. These
projects will utilize Perma-Pipe’s fabrication and coating
capabilities, and the XTRU-THERM® insulation system, a
spray-applied polyurethane foam jacketed with a high-density
polyethylene casing. Permapipe is also pleased to announce that
some of these projects will be carried out at the newly established
state of the art facility in Madinah which is due to start
operations in August 2024.
Raed Al Saleh, General Manager for Perma-Pipe Gulf Arabia – (a
JV company between Permapipe Saudi Arabia & Gulf Insulation
Group) states, “We continue to support the infrastructure
developments in the kingdom, and these latest awards are a true
reflection of the level of confidence that our customers and
clients place on us.”
Saleh Sagr, Sr. Vice President for Perma-Pipe’s MENA region
commented, “The new expansion in Madinah has long been on our
radar. It is a clear statement of our commitment to support the
local industry in the Kingdom of Saudi Arabia. We thank our
customers for continuing to place their trust in Perma-Pipe with
these awards.”
David Mansfield, President and CEO commented, "Our new
investment in Madinah further supports our growth plans and the
Kingdom’s 2030 vision. We are extremely proud to be playing our
part to realize this vision. It has been very encouraging to see
the development of strong leadership and a passion for high levels
of customer service which has resulted in these accomplishments,
enabling Perma-Pipe to go from strength-to-strength.”
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version on businesswire.com: https://www.businesswire.com/news/home/20240715477888/en/
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