Smith-Midland - North Carolina Signs Record $8.6 Million Contract

Smith-Midland Corporation (NASDAQ: SMID) has secured a record-sized contract worth $8.6 million to produce precast concrete products for the North Carolina Department of Transportation.

Rhea-AI Summary

Smith-Midland Corporation (NASDAQ: SMID) has secured a record-sized contract worth $8.6 million to produce precast concrete products for the North Carolina Department of Transportation. The contract includes 24,000 square feet of custom-designed sound wall panels, 2,300 linear feet of precast columns, and 145,000 linear feet of J-J Hooks barriers along Interstate 95 in Robeson County. Production has commenced at both North and South Carolina plants, with sound wall production starting in 2023 at the North Carolina facility. This project is expected to enhance Smith-Midland's market share.

Positive

• Secured a record contract worth $8.6 million.
• Involves substantial production of sound wall panels, columns, and barriers.
• Production has already begun, indicating strong operational capacity.
• Anticipates gaining market share with expanded capabilities.

Negative

• None.

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MIDLAND, VA / ACCESSWIRE / October 25, 2022 / - Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, announced today that for the second time this year, they have signed a record-sized contract, working with Webber, LLC to produce precast concrete sound wall, columns, and J-J Hooks concrete barrier for a North Carolina Department of Transportation (NCDOT) project.

The $8.6 million contract will provide approximately 24,000 square feet of custom-designed precast Sound Wall panels, 2,300 linear feet of precast columns, and 145,000 linear feet of J-J Hooks precast concrete barrier along Interstate 95 in Robeson County, North Carolina. Barrier production has already begun at both the North and South Carolina plants, with the Soundwall production beginning in 2023 at the North Carolina facility.

"This type of project is exactly what we pictured when building the North Carolina facility, and we anticipate gaining market share in the future with our expanded capabilities," said Ashley Smith, President and Chief Executive Officer of Smith-Midland Corporation. "The flexibility of both manufacturing sites allows us to produce projects of this magnitude to meet customer demands. We look forward to advancing our relationship with NCDOT and Webber, LLC."

The General Contractor for this project is Webber, LLC, a Ferrovial Construction U.S. division based out of The Woodlands, TX.

About Smith-Midland
Smith-Midland develops, manufactures, licenses, rents, and sells a broad array of precast concrete products for use primarily in the construction, transportation, and utility industries.

Smith-Midland Corporation has three manufacturing facilities located in Midland, VA, Reidsville, NC, and Columbia, SC, and operates Concrete Safety Systems, the Company's J-J Hooks Safety Barrier rental division. Easi-Set Worldwide, a wholly owned subsidiary of Smith-Midland Corporation, licenses the production and sale of Easi-Set products, including J-J Hooks and SlenderWall, and provides diversification opportunities to the precast industry worldwide. For more information, please call (540) 439-3266 or visit www.smithmidland.com.

Media Inquiries:
scrandall@midlandadvertising.com
(540) 439-8056

Sales Inquiries:
info@smithmidland.com
(540) 439-3266

Investor Relations:
Steven Hooser or John Beisler
Three Part Advisors, LLC
(214) 872-2710

SOURCE: Smith-Midland Corporation

View source version on accesswire.com:
https://www.accesswire.com/722205/Smith-Midland--North-Carolina-Signs-Record-86-Million-Contract

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the value of the new contract Smith-Midland has secured?

The new contract is valued at $8.6 million.

What will Smith-Midland produce for the NCDOT project?

Smith-Midland will produce sound wall panels, precast columns, and J-J Hooks barriers.

When will sound wall production start for the new contract?

Sound wall production will begin in 2023.

Where is the contract's project location?

The project is located along Interstate 95 in Robeson County, North Carolina.

Who is the general contractor for the project?

The general contractor is Webber, LLC, a division of Ferrovial Construction U.S.