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    WBD   IT0003865570

WEBUILD S.P.A.

(WBD)
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Webuild S p A : Lane Construction Selected to Build Virginia's 495 Express Lanes Northern Extension (NEXT) in Partnership with Transurban

10/07/2021 | 07:28am EST

CHESHIRE, CT - The Lane Construction Corporation, the U.S. subsidiary of Webuild Group, announced it has been selected as the contractor to build Virginia's 495 Express Lanes Northern Extension, also referred to as 495 NEXT, in partnership with Transurban, a leading global toll road developer and operator. The contract is valued at $441 million.

The project is a critical component of travel in one of the most congested regions of the United States, the Washington, D.C. Capital Region. These improvements are being closely coordinated with plans for Maryland's future Express Lanes along I-495 (Capital Beltway) as part of a larger effort to enhance planned multimodal mobility and connectivity in the area, including the rebuild and expansion of the American Legion Bridge between Virginia and Maryland.

As the population continues to increase in the Washington, D.C. region, increased traffic volumes and limited travel choices create frequent bottlenecking and congestion. 495 NEXT will extend the existing I-495 Express Lanes for 2.5 miles from south of Old Dominion Drive northward to the George Washington Memorial Parkway adding two high occupancy travel (HOT) lanes in each direction. The project, when completed, will help provide more consistent, reliable, and predictable travel times for commuters and freight movement in and around the region. Construction will start in 2022 and be completed in 2025.

The design-build, public-private-partnership (P3) project is being developed by Transurban for the Virginia Department of Transportation (VDOT). It adds to Lane's history as a contractor of choice for Transurban, having completed multiple projects in the area under the partnership; most recently the $336 million 395 Express Lanes project - delivered on time and on budget and now in service for Transurban's customers.

'Lane is looking forward to its continued partnership with Transurban to further enhance the traveler's experience in one of the most congested travel areas in the Washington, D.C. metropolitan region,' said Mark Schiller, President and CEO of The Lane Construction Corporation.

'Together, Transurban and Lane have an established track record delivering transformational transportation projects on time and on budget throughout Northern Virginia,' said Pierce Coffee, president Transurban North America. 'We look forward to getting to work to deliver safer and more reliable travel choices, while seeking to minimize impacts for communities and drivers of the 495 corridor.'

Other work under the past partnership includes the construction of 29 miles of the 95 Express Lanes from Alexandria to Stafford, and the 14-mile stretch of the 495 Express Lanes from the Springfield Interchange to just north of the Dulles Toll Road.

Consistently ranked as one of ENR's Top Highway Contractors, Lane's highway projects span from coast to coast. Current work includes the I-10 Corridor Express Lanes project which aims to alleviate congestion from increasing population growth in Southern California. In North Carolina, Lane is working on $1 billion worth of major interstates to support transportation improvement initiatives within the greater Raleigh area. In Queens, New York, Lane is improving a heavily deteriorated bascule drawbridge that serves as a major traffic artery over a navigational waterway.

About Lane Construction

The Lane Construction Corporation is one of America's leading construction companies, specializing in large, complex civil infrastructure. For over 130 years, it has contributed to the development of the country's transportation systems including the Interstate Highway and a vast network of roads, bridges, airports, metros and railways. Lane specializes in mobility, tunneling, water and wastewater treatment plants to address sustainable development and climate change adaptation challenges. It is also a pioneer in project delivery methods and the use of design-build and public-private partnerships. Lane projects include the C-43 West Basin Storage Reservoir in Florida, an Everglades restoration effort; I-10 Corridor Express Lanes in California; the LYNX Blue Line Extension in North Carolina; the Anacostia River Tunnel in Washington, D.C.; the I-395 Express Lanes Extension in Virginia; and the Unionport Bridge Replacement in Bronx, New York. Based in Cheshire, Connecticut, it is wholly owned by Webuild, a global infrastructure group. For more information, visit www.laneconstruct.com. For more details about the parent company, visit webuildgroup.com.

About Webuild Group

Webuild, the new group born in 2020 from Salini Impregilo, is a leading global player in the construction of large, complex projects for sustainable mobility, clean hydro energy, clean water, green buildings, supporting clients in achieving sustainable development goals (SDGs). The Group is the expression of 115 years of engineering experience applied in 50 countries on five continents with 70,000 direct and indirect employees from more than 100 nationalities. Recognized for five years by Engineering News-Record (ENR) as the world leader in water infrastructure (such as dams, hydraulic tunnels, water and wastewater management, and water treatment and desalination plants), it ranks since 2018 among the top 10 in the environment sector and it is also leader in sustainable mobility (especially metro and rail lines, in addition to roads and bridges). A signatory of the United Nations Global Compact, the Group's expertise is displayed in projects such as the M4 metro line in Milan, Grand Paris Express, Cityringen in Copenhagen, Sydney Metro Northwest, Red Line North Underground in Doha, Line 3 of the Riyadh Metro and the high-speed railways in Italy. Other projects include the new Genoa Bridge and the Gerald Desmond replacement bridge in Long Beach, California, the expansion of the Panama Canal, the Snowy 2.0 hydroelectric power station in Australia, the Rogun hydroelectric dam in Tajikistan, the Anacostia River and Northeast Boundary tunnels in Washington, D.C. and the Al Bayt 2022 World Cup stadium in Qatar. In 2020, the Group's total order backlog reached EUR41.7 billion, with 89% of the backlog of construction orders involving projects that support the SDGs set by the United Nations. Webuild, subject to direction and coordination by Salini Costruttori SpA, is headquartered in Italy and is listed on the Milan Stock Exchange (Borsa Italiana: WBD; Reuters: WBD.MI; Bloomberg: WBD:IM).

Contact:

Phone: (203) 235-3351

Fax: (203) 237-4260

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
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TRANSURBAN GROUP 1.16% 13.98 End-of-day quote.2.34%
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Financials
Sales 2021 6 834 M 7 717 M 7 717 M
Net income 2021 61,8 M 69,8 M 69,8 M
Net Debt 2021 412 M 466 M 466 M
P/E ratio 2021 33,1x
Yield 2021 2,12%
Capitalization 2 131 M 2 395 M 2 406 M
EV / Sales 2021 0,37x
EV / Sales 2022 0,33x
Nbr of Employees 31 075
Free-Float 27,2%
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Last Close Price 2,12 €
Average target price 2,33 €
Spread / Average Target 9,86%
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Pietro Salini Chief Executive Officer & Director
Massimo Ferrari Group CFO, General Manager-Corporate & Finance
Donato Iacovone Chairman
Claudio Lautizi General Manager-International Operations
Giuseppina Capaldo Independent Director
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