EANS-News: BAUER Aktiengesellschaft
BAUER Group expecting major contract to
remediate the Mosul Dam in Iraq
03.11.2011 – 13:40
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------- 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