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Stock Market & Financial Investment News

News Breaks
February 5, 2013
19:31 EDTMFRIMFRI, Inc. subsidiary secures $27M in new orders
MFRI, Inc. announced that its Perma-Pipe Saudi Arabia subsidiary has received new orders exceeding $27M for the first phase of the district cooling system expansion project at King Abdul-Aziz International airport in Jeddah, Saudi Arabia. These orders are in addition to the $23M announced in the company's press release of November 23, 2012 bringing the total of major project work in Saudi Arabia to nearly $50M.
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July 9, 2014
08:06 EDTMFRIMFRI, Inc. subsidiary signs JV in Colombia
MFRI, Inc. announced that its Perma-Pipe subsidiary has entered into a joint venture agreement with Colombia-based Tayrona Steel Pipe, or TSP, to manufacture pre-insulated pipe. Perma-Pipe will provide its Xtru-ThermŽ advanced insulating process equipment, technology and training for the manufacture of insulated piping systems used to distribute hot and cold fluids. The factory will be located in TSP's new production facility in the Santa Marta, Colombia free zone. TSP will provide steel pipe, casing and tubing, and corrosion coating for the line pipe. Perma-Pipe will own 49% of the joint venture while TSP will have a 51% ownership position. The joint venture -- which will initially serve the oil and gas markets in Colombia, Mexico, Venezuela, Ecuador and Peru -- will commence with a three-year, multi-million dollar, blanket order to supply pre-insulated pipe for a major Latin American oil company. Production is expected to begin in late 2014 and the facility will be fully operational in early 2015.

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