Washington Group International Selected to Build Midwest Ethanol Plants
November 09 2007 - 4:14PM
PR Newswire (US)
BOISE, Idaho, Nov. 9 /PRNewswire-FirstCall/ -- Washington Group
International (NYSE:WNG) announced today it has been awarded
cost-reimbursable contracts by E85 Inc. to build E85's first three
ethanol production plants in the Midwest. The contracts together
are valued at approximately $150 million. Washington Group will
provide procurement, construction, commissioning, and start-up
services for the facilities in Wahoo, Neb., and Red Oak and Council
Bluffs, Iowa. Each of the facilities will be capable of producing
110 million gallons of ethanol per year. The corn-based ethanol
will be blended with unleaded gasoline to create motor fuel, and
the plant will produce commercially viable products in corn gluten
feed and meal, corn germ, and wet and dry distiller grains with
solubles. Work on the Wahoo plant started in late September; work
on the other two plants is planned to begin during the fourth
quarter of 2007. A peak construction force of more than 300 is
expected at each site. E85 will invest over $750 million in the
three facilities. "We're pleased to be a part of E85's plans to
become a leading supplier of fuel-grade ethanol and to contribute
to projects that will provide consumers with more energy
alternatives," said Gary C. Baughman, president of Washington
Group's Industrial/Process Business Unit, based in Houston. "E85
sought a contractor capable of managing and delivering multiple
projects on an aggressive schedule in today's challenging market,
and Washington Group has demonstrated that they are committed to
meeting our project goals," said James T. Callahan, president of
E85 Inc. About the Companies E85 Inc. was founded with a mission of
providing a bio-fuel energy alternative to gasoline that will
improve automobile performance by boosting octane, reducing
environmental pollutants by cleaner burning, and reducing
dependence on foreign oil. In addition to bio-fuel ethanol
production and distribution, E85 will produce and market corn
gluten feed and meal, corn germ, wet and dry distiller grains with
solubles, and food-grade carbon dioxide. For more information,
visit http://www.e85.com/. Washington Group International
(NYSE:WNG) provides the talent, innovation, and proven performance
to deliver integrated engineering, construction, and management
solutions for businesses and governments worldwide. With
approximately $4 billion in annual revenue, the company has
approximately 25,000 people at work around the world providing
solutions in power, environmental management, defense, oil and gas
processing, mining, industrial facilities, transportation, and
water resources. For more information, visit http://www.wgint.com/.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
which are identified by the use of forward-looking terminology such
as may, will, could, should, expect, anticipate, intend, plan,
estimate, or continue or the negative thereof or other variations
thereof. Each forward-looking statement, including, without
limitation, any financial guidance, speaks only as of the date on
which it is made, and Washington Group undertakes no obligation to
update any forward-looking statement to reflect events or
circumstances after the date on which it is made or to reflect the
occurrence of anticipated or unanticipated events or circumstances.
The forward-looking statements are necessarily based on assumptions
and estimates of management and are inherently subject to various
risks and uncertainties. Actual results may vary materially as a
result of changes or developments in social, economic, business,
market, legal, and regulatory circumstances or conditions, both
domestically and globally, as well as due to actions by customers,
clients, suppliers, business partners, or government bodies.
Performance is subject to numerous factors, including demand for
new power generation and for modification of existing power
facilities, public sector funding, demand for extractive resources,
capital spending plans of customers, and spending levels and
priorities of the U.S., state and other governments. Results may
also vary as a result of difficulties or delays experienced in the
execution of contracts or implementation of strategic initiatives.
For additional risks and uncertainties impacting the
forward-looking statements contained in this news release, please
see "Note Regarding Forward-Looking Information" and "Item 1A. Risk
Factors" in Washington Group's annual report on Form 10-K for
fiscal year 2006. Media Contact: Jerry Holloway or Laurie
Spiegelberg (208) 386-5255 DATASOURCE: Washington Group
International CONTACT: Jerry Holloway or Laurie Spiegelberg, both
of Washington Group International, +1-208-386-5255 Web site:
http://www.wgint.com/ http://www.e85.com/
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