Montrose Environmental Group Selected for $249 Million U.S. Army Corps of Engineers Environmental Services Contract

Rhea-AI Summary

Montrose Environmental Group (NYSE: MEG) has been selected for a $249 million, five-year, multiple-award contract by the U.S. Army Corps of Engineers (USACE) Mobile District. The contract focuses on providing environmental quality support to various military, civil, and federal agencies, including the U.S. Army, Air Force, Marine Corps, Navy, and Defense Logistics Agency.

The scope of work includes solutions and remedial plans for air and water quality compliance, PFAS, pollution prevention, hazardous waste, sustainability, and other environmental compliance support. Montrose's CEO, Vijay Manthripragada, highlighted the company's valued partnership with USACE and their unique integration of environmental consulting, analytical services, engineering, and next-generation technology.

The announcement aligns with market growth opportunities in the $15.5B annual U.S. remediation services market, particularly within the Department of Defense sector, as reported by Environmental Business Journal's 2024 EBJ Remediation Markets Survey.

Positive

• Secured a $249 million, five-year contract with the U.S. Army Corps of Engineers
• Expands market presence in the growing Department of Defense environmental services sector
• Aligns with bipartisan support for large DOD infrastructure projects
• Demonstrates capability to address complex environmental challenges, including PFAS

Negative

• None.

News Market Reaction

+14.52%

1 alert

+14.52% News Effect

On the day this news was published, MEG gained 14.52%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

LITTLE ROCK, Ark., Oct. 15, 2024 /PRNewswire/ -- Montrose Environmental Group, Inc. (together with its subsidiaries, "Montrose" or "the Company") (NYSE: MEG), a leading provider of innovative environmental solutions, announced today that the Company has been selected to receive a contract to provide environmental quality support to the Mobile District, South Atlantic Division, U.S. Army Corps of Engineers (USACE). Mobile District's Environmental Quality Program supports various military, civil and federal agencies including the U.S. Army, U.S. Air Force, U.S. Marine Corps, U.S. Navy, Defense Logistics Agency and other Department of Defense (DOD) components domestically and abroad.

The $249 million, five-year, multiple-award contract focuses on providing solutions and remedial plans with an emphasis on air and water quality compliance, per-and polyfluoroalkyl substances (PFAS), pollution prevention, hazardous waste, sustainability and other environmental compliance support.   

"This announcement highlights our valued partnership with the USACE and follows the successful completion of recent projects," said Vijay Manthripragada, president and chief executive officer of Montrose Environmental Group. "As our market presence expands and awareness increases related to our unique integration of environmental consulting, analytical services, engineering and next-generation technology, we are excited to partner with the U.S. government to tackle complex environmental challenges – including addressing issues such as PFAS, with greater effectiveness and innovation." 

According to Environmental Business Journal's 2024 EBJ Remediation Markets Survey, the Department of Defense (DOD) ranked highest for market growth opportunities within the estimated $15.5B annual U.S. remediation services market. An increase in large DOD infrastructure projects, including USACE, has received bipartisan support in recent years with significant funding derived from the Bipartisan Infrastructure Law. 

About Montrose
Montrose is a leading environmental solutions company focused on supporting commercial and government organizations as they deal with the challenges of today and prepare for what's coming tomorrow. With ~3,400 employees across 100+ locations worldwide, Montrose combines deep local knowledge with an integrated approach to design, engineering, and operations, enabling Montrose to respond effectively and efficiently to the unique requirements of each project. From comprehensive air measurement and laboratory services to regulatory compliance, emergency response, permitting, engineering, and remediation, Montrose delivers innovative and practical solutions that keep its clients on top of their immediate needs – and well ahead of the strategic curve. For more information, visit www.montrose-env.com. 

Forward‐Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as "intend," "expect", and "may", and other similar expressions that predict or indicate future events or that are not statements of historical matters. Forward-looking statements are based on current information available at the time the statements are made and on management's reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. Additional factors or events that could cause actual results to differ may also emerge from time to time, and it is not possible for the Company to predict all of them. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law. Investors are referred to the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.

Contacts  

Montrose  
Investor Relations:  
Adrianne Griffin  
(949) 988-3383  
ir@montrose-env.com  

Media Relations:  
Sarah Kaiser  
(225) 955-1702  
pr@montrose-env.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/montrose-environmental-group-selected-for-249-million-us-army-corps-of-engineers-environmental-services-contract-302275797.html

SOURCE Montrose Environmental Group, Inc.

FAQ

What is the value and duration of the contract Montrose Environmental Group (MEG) received from USACE?

Montrose Environmental Group (MEG) received a $249 million, five-year, multiple-award contract from the U.S. Army Corps of Engineers (USACE) Mobile District.

What services will Montrose Environmental Group (MEG) provide under the USACE contract?

Montrose Environmental Group (MEG) will provide environmental quality support, including solutions and remedial plans for air and water quality compliance, PFAS, pollution prevention, hazardous waste, sustainability, and other environmental compliance support.

Which agencies will benefit from Montrose Environmental Group's (MEG) services under the USACE contract?

The contract will support various military, civil, and federal agencies, including the U.S. Army, U.S. Air Force, U.S. Marine Corps, U.S. Navy, Defense Logistics Agency, and other Department of Defense (DOD) components domestically and abroad.

What is the estimated size of the annual U.S. remediation services market according to the 2024 EBJ Remediation Markets Survey?

According to Environmental Business Journal's 2024 EBJ Remediation Markets Survey, the estimated annual U.S. remediation services market is $15.5 billion.