Thanks Scott. Or maybe he knew something the sellers didn't:
Wednesday January 14, 6:31 pm Eastern Time
Company Press Release
Shaw Awarded $20 Million in Power Projects
BATON ROUGE, La.--(BUSINESS WIRE)--Jan. 14, 1998--The Shaw Group Inc. (NYSE:SGR
- news) announced today that it has been awarded two power project commitments totaling approximately $20 million. The contracts cover engineering, design, and fabrication of critical piping systems and supports for eight 350 megawatt coal fired units in China.
J.M. Bernhard, Jr., Shaw's President and Chief Executive Officer, commented, ''Shaw's unique ability to plan manage and quickly produce turnkey piping systems makes us one of the few companies in the world capable of executing mega international projects with aggressive completion schedules. This gives us a distinct advantage over our domestic and international competition.''
The Shaw Group Inc. is a leading supplier of piping systems and provider of industrial construction and maintenance services primarily for the electric power, chemical, petrochemical, gas processing
and refining industries worldwide. Shaw is committed to being a ''total piping resource'' for its customers by offering comprehensive design and engineering services, piping system fabrication,
manufacturing and sale of specialty pipe fittings, design and manufacture of pipe support systems and on-site installation. The Company, which operates mainly through wholly-owned subsidiaries, has
pipe fabrication facilities in Walker, West Monroe and Prairieville, Louisiana; Tulsa, Oklahoma; Laurens, South Carolina; Houston, Texas; Clearfield, Utah; Troutville, Virginia; Maracaibo,Venezuela and Derby, U.K. as well as a joint-venture facility in Manama, Bahrain. Shaw
also has a pipe fittings manufacturing facility in Shreveport, Louisiana; construction and maintenance operations in Baton Rouge, Louisiana, Derby, U.K. and Prospect, Australia; engineering and design
offices in Englewood, New Jersey; Toronto, Canada; and Derby, U.K. and pipe supports manufacturing facilities in Longview, Texas, Vacaville, California and Laconia, New Hampshire. For ts fiscal year ended August 31, 1997, the Company generated $338.4 million in revenues and $14.0 million in net income.
''Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: The
statements contained in this press release that are not historical facts may be forward looking
statements. The forward looking statements are subject to certain risks and uncertainties, including
without limitation those identified below, which could cause actual results to differ materially from
historical results or those anticipated. Readers are cautioned not to place undue reliance on these
forward looking statements, which speak only as of their dates. The following factors could cause
actual results to differ materially from historical results or those anticipated: unfulfilled contingencies,
adverse economic conditions, the impact of competitive products and pricing, product demand and
acceptance risks, the presence of competitors with greater financial resources, costs and financing
difficulties, the results of financing efforts, delays or difficulties in the production, delivery or
installation of products, and other risks detailed from time to time in Shaw's Securities and Exchange
Commission filings. The Shaw Group Inc. assumes no obligation to update the information included
in this press release. |
