Perma-Pipe International Holdings Inc (PPIH) News & EventsPPIHPerma-Pipe International Holdings Inc

Perma-Pipe Acquires 51% Stake in Welspun Special Coating

Perma-Pipe International Holdings announced that its subsidiary, Perma-Pipe Qatar, has agreed to acquire a 51% equity interest in Welspun Special Coating Private Limited, a newly formed company that will provide internal fusion-bonded epoxy coating and related services in India. The interest is being acquired from Welspun DI Pipes Limited, a wholly owned subsidiary of Welspun Corp Limited. WCL will also acquire the remaining 49% from WDI. The resulting joint venture adds IFBE coating to Perma-Pipe's service offering and establishes a platform to pursue domestic and export opportunities in the Indian market. IFBE coating is an epoxy-based protective system applied to the internal surfaces of steel pipes to help protect against corrosion and chemical attack. It is used in a range of demanding applications, including onshore and offshore oil and gas pipelines, slurry transportation systems, chemical processing facilities, food processing applications, and underground and underwater water pipelines. The transaction will be implemented through a Share Purchase Agreement between Perma-Pipe Qatar, WCL, WSCPL and WDI, together with a Shareholders' Agreement between Perma-Pipe Qatar and WCL governing the joint venture. WCL's Board of Directors has approved the sale and transfer of WDI shareholding in WSCPL in the agreed proportions and the execution of the Share Purchase Agreement.

Perma-Pipe Reports Q2 Revenue of $59.6M, Up Year-Over-Year

Reports Q2 revenue $59.6M vs. $47.9M last year. "Our second quarter results reflect continued commercial momentum and the fundamental strength of our end markets," stated CEO Saleh Sagr. "We grew net sales year-over-year, added over $67 million in new orders to backlog, and continued to expand Perma-Pipe's footprint in strategic markets to capture strong secular demand, particularly for localized infrastructure solutions. Importantly, we delivered year-over-year growth in net income attributable to common stockholders, which underscores the earnings power of the platform we are building. Operationally, we continued to build a strong foundation for sustainable, long-term growth. We commenced operations and have ramped production at our new Ohio facility, in part to support higher demand in the U.S. market. In MENA, we are expanding our Qatar facility to meet local demand and, subsequent to quarter-end, entered into a memorandum of understanding to form a joint venture in Jordan. Initially, we will serve a key role in the supply chain for a large-scale, water-security, government-supported infrastructure program through the joint venture; longer term, we will support cross-border water, oil and gas, energy, and infrastructure projects. We enter the second half of the year with momentum, supported by our strong backlog, a growing pipeline of RFP and quoting activity, and a new global credit facility that together set the stage for Perma-Pipe's next stage of growth. With disciplined execution and a product portfolio aligned with our customers' infrastructure priorities, we are confident in our ability to convert the opportunities before us into sustainable, long-term value for our shareholders."

Perma-Pipe and Welspun Sign MOU for Jordan Water Carrier Project

Perma-Pipe has signed, together with Welspun Corp, a Memorandum of Understanding or MOU, with the developers of Jordan's National Water Carrier Project and the Government of the Hashemite Kingdom of Jordan to advance the development of pipe manufacturing and advanced coating facilities in Jordan. The parties intend to establish a joint venture to support the development and operation of these facilities. Perma-Pipe and Welspun have partnered to establish an integrated pipe manufacturing and coating platform in Jordan capable of serving major water, oil and gas, energy, and infrastructure projects in the Kingdom and across surrounding regional markets.