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SPRING, Texas-Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) announced today that it recently opened its largest production facility outside of North America in the Emirate of Abu Dhabi, United Arab Emirates. Nahyan was present at the opening ceremony on 16 March 2023, which was attended by dignitaries from Abu Dhabi, Saudi Arabia and Qatar, in addition to Group President and CEO David Mansfield and Chairman Jerry Walker .
To meet the growing demand for district cooling and the oil and gas industry in the Middle East, Perma-Pipe opened a new 6-hectare factory equipped with technology to deliver the latest environmentally friendly products. The new facility will provide fabrication and fusion bonded epoxy coating capabilities, as well as XTRU-THERM insulation systems, a spray polyurethane foam clad with a high-density recycled polyethylene shell, and PolyTherm insulation systems, a spray polyurethane foam clad with glass fiber reinforced plastic.
Saleh Sagr, Senior Vice President MENA, Perma-Pipe, commented: “This new manufacturing facility opens up many prospects for Perma-Pipe, the global leader in prefabricated and pre-insulated piping systems. Growing demand, and a logistical position to better serve the UAE oil and gas industry through its vast production capacity and impeccable product quality.
President and CEO David Mansfield commented: “This new development is not just for the UAE. It is an export hub servicing projects around the world. We now have a unique factory with a wide range of products, Can meet growing demand.There is every reason to believe that the demand for clean energy sources such as liquefied natural gas and hydrogen will continue to grow in the coming years.
Perma-Pipe International Holdings
Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) is a global leader in pre-insulated pipelines and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and manufacturing expertise to develop pipeline solutions that address the complex challenges associated with the safe and efficient transport of a wide variety of liquids. In total, Perma-Pipe operates at fourteen locations in six countries.
forward-looking statement
Certain statements and other information contained in this press release can be identified by the use of forward-looking terminology and constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Act, as amended Securities Exchange Act of 1934, and is subject to the safe harbor created therein, including, but not limited to, statements regarding the Company’s expected future performance and operations. These statements should be considered as subject to the many risks and uncertainties that exist in the company’s operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) the impact of the coronavirus (“COVID-19”) on the Company’s results of operations, financial condition and cash flows; (ii) fluctuations in oil and natural gas prices and their (iii) the Company’s ability to comply with all covenants of its credit facilities; (iv) the Company’s ability to repay debt and renew maturing international credit lines; (v) the Company to effectively execute its strategic plan and achieve profitability and positive cash flow; (vi) the impact of global economic weakness and volatility; (vii) steel price fluctuations and the Company’s ability to offset rising steel prices through product price increases; (viii) order receipt, execution, delivery and (ix) reduced government spending on projects using the Company’s products, which poses challenges to the Company’s non-government customers’ liquidity and access to capital; (x) the Company’s success in negotiating progress billing arrangements for its large contracts (xi) the aggressive pricing of existing competitors and the entry of new competitors in the markets in which the company operates; (xii) the company’s ability to source raw materials at favorable prices and maintain favorable relationships with suppliers; (xiii) the company’s production without potential Defective products and the ability to recover from suppliers who may have supplied the Company with defective material; (xiv) the reduction or cancellation of orders in the Company’s order backlog; (xv) the Company’s ability to collect accounts receivable related to the Middle East Project; (xvi) the risks and uncertainties associated with the Company’s international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the anticipated benefits of its growth plans; (xix) the Company’s the ability to interpret changes in tax regulations and legislation; (xx) the ability of the company to use its net operating loss carryforward; (xxi) the reversal of previously booked revenue and profits resulting from inaccurate estimates of the percentage of completion for the company’s revenue recognition; (xxii) the company’s failure to establish and maintain effective internal controls over financial reporting and (xxiii) the impact of cybersecurity threats on the company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully when evaluating forward-looking statements and caution against placing undue reliance on such forward-looking statements. Forward-looking statements made herein speak only as of the date of this press release, and we undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.For more detailed information on factors that could affect our performance, please refer to our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov under the Investor Center section of our website.
touch:
Phone: 847.929.1200
E-mail: investor@permapipe.com
(C) 2023 Electronic News Publishing, source ENP Newswire
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