Family-run firm will supply fibreglass pipelines for two sewage treatment plants in Abu Dhabi.
The Abu Dhabi Sewerage Services Company has awarded Future Pipe Industries (FPI) an AED 276.5million (US $75.3 million) pipes supply contract for two new treatment plants being built in the emirate.
Under the deal, FPI is providing around 40 km of fibreglass pipes with a diameter range of 400-1 600 mm for the Al Saad wastewater treatment plant. Delivery of the pipe system began last month and will be completed by June 2009.
The Dubai-based firm is also supplying 135 km of pipes, with diameters up to 2 600 mm for the Al Wathba wastewater treatment works. Installation will start in June and is expected to be wrapped up by December 2009.
FPI’s fibreglass pipes and fittings will be used for the trunk sewer line and the treated sewer distribution system at both facilities.
“The awarding of this important contract demonstrates our ability to service some of the largest municipal projects in the country,” FPI president and CEO Rami Makhzoumi commented.
FPI is currently running an initial public offering for up to 35% of the company’s stock on the Dubai International Financial Exchange, with an indicative price range of US $5-6.60 per share.
The family-run firm said the listing was the next step in its evolution into a global outfit. FPI’s sales have more than doubled over the past two years, from US $245.4 million in 2005 to US $556.4 million last year.
“By investing in new technologies we have developed the world’s most comprehensive portfolio of fibreglass pipe systems, which has enabled us to apply solutions to an increasing range of industries and projects that would otherwise have used traditional materials,” Makhzoumi said, adding that the global pipes market is worth more than US $120 billion.
