Insituform Gets $8.1 Million CIPP Contract Renewal from the City of Richmond, Va.
Insituform Technologies Inc. (Nasdaq Global Select Market: INSU) announced May 5 that it has renewed its term contract with the City of Richmond, Va. Valued at up to $8.1 million, this is the third year of a five-year renewable contract and marks one of Insituform’s largest contracts to date from the City of Richmond.
Insituform first worked with Richmond in the mid-1980s. Under this contract, Insituform will rehabilitate small- and large-diameter wastewater pipelines with Insituform cured-in-place pipe (CIPP). Work on this project is scheduled to begin later this month.
Jim Newkirk, Insituform’s General Manager-East Region, said, “We are pleased to continue our relationship with the City of Richmond as they rehabilitate their sewer system to reduce combined sewer overflows and infiltration and to renew aging pipelines. We are confident that our experienced crews and quality CIPP products will assist the City in its efforts to provide renewed infrastructure to the citizens of Richmond.”
In addition to self-performing the CIPP installations, Insituform will utilize locally owned subcontractors to perform CCTV, manhole rehabilitation and other utility services.
Insituform CIPP is a jointless pipe-within-a-pipe used to rehabilitate wastewater pipelines ranging in diameter from six to 96 in. Rehabilitating wastewater pipelines with Insituform CIPP reduces infiltration, restores structural integrity and increases flow capacity without disruption to communities, typically at a lower cost than dig and replace solutions.