EANS-News: BAUER Aktiengesellschaft BAUER Group expecting major contract to
remediate the Mosul Dam in Iraq
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Government Contracts/Company Information
Subtitle: - Contract expected to be signed within the next few months
- Largest contract to date in the long history of the Group
- Contract value of around EUR 1.9 billion
Schrobenhausen (euro adhoc) - The BAUER Group, an international construction and
machinery manufacturing concern, has signed a Letter of Understanding with the
Ministry of Water Resources of Iraq in connection with the visit of Philipp
Rösler,
Germany´s Federal Minister of Trade and Industry, to Baghdad. This document
announces that the company will be awarded the contract for the Mosul Dam
remediation project, subject to further contractual details being agreed.
The bid relating to the construction of a cut-off wall to seal the dam,
involving a contract value of some EUR 1.9 billion, has been selected for final
negotiation. The project is scheduled to take around six years to complete.
Professor Thomas Bauer, Chairman of the Management Board of BAUER AG, comments:
"A contract on this scale would represent a major challenge for our business,
but equally a major opportunity. It will take great efforts over the coming
years to master this technically demanding project. We are fully convinced,
however, that our wealth of experience in dam projects and range of machinery
will enable us to meet the challenge. We expect the contract to be ready for
signing within the next few months, after some final details have been
clarified."
The Mosul Dam is situated in the north of Iraq, approximately 70 kilometres
from the Turkish border, and is the country's largest. Located on the River
Tigris, it is some 3.6 kilometres long, and supplies water and electricity to
the city of Mosul as well as to extensive agricultural areas. Construction of
the cut-off wall has become necessary because the ground beneath the dam is
becoming increasingly water-permeable.
About Bauer
Bauer is a provider of services, machinery and ancillary products in the
earth-working and groundwater fields. The Group markets its products and
services all over the world. Its global spread allows it to remain largely
unaffected by fluctuating business cycles.
The operations of the Group are divided into three segments: Construction,
Equipment and Resources. The Construction segment carries out specialist
foundation engineering work all over the world, developing foundation and
excavation projects as well as providing related construction services. In its
Equipment segment, in which it is the world market leader, Bauer offers an
extensive range of machinery, equipment and tools for specialist foundation
engineering and related fields. The Resources segment encompasses the Group's
operations in the exploitation of raw materials, in environmental technology, in
geothermal drilling operations and also in equipment for wells (including pumps
and drills, screens and casings).
Bauer profits greatly from the collaboration between its three separate
segments, enabling the Group to position itself as an innovative, highly
specialized provider of complete solutions and services for demanding projects
on the specialist foundation engineering and related markets.
Founded in 1790, Bauer today generates around three quarters of its total
revenues outside of Germany. Employing some 9,100 people, the Group's total
revenues in 2010 were EUR 1.30 billion (previous year: EUR 1.28 billion). BAUER
Aktiengesellschaft has been listed on the official market of the Frankfurt Stock
Exchange since July 4, 2006 (Prime Standard, ISIN DE0005168108).
Further inquiry note:
Bettina Erhart / Christopher Wolf
Investor Relations
Telefon: +49(0)8252 97 1918
E-Mail: investor.relations@bauer.de
end of announcement euro adhoc
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company: BAUER Aktiengesellschaft
BAUER-Straße 1
D-86529 Schrobenhausen
phone: +49 (0)8252-97-1918
FAX: +49 (0)8252-97-2900
mail: investor.relations@bauer.de
WWW: http://www.bauer.de
sector: Construction & Property
ISIN: DE0005168108
indexes: SDAX, CDAX, Classic All Share, Prime All Share
stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Hamburg, Stuttgart, Düsseldorf, München
language: English