Smith-Midland Signs $6.6 Million Contract with North Carolina Department of Transportation

Rhea-AI Summary

Smith-Midland Corporation (NASDAQ:SMID) has announced its largest contract ever, valued at $6.6 million, with the North Carolina Department of Transportation. The project involves producing precast concrete soundwall and J-J Hooks concrete barriers for a section of the new Interstate 74 Northern Beltway in Forsyth County, NC. The contract entails over 330,000 square feet of soundwall and more than 31,000 linear feet of J-J Hooks barrier. This agreement highlights the Reidsville plant's capacity, enhancing future growth prospects.

Positive

• Secured a $6.6 million contract, the largest in company history.
• Project involves extensive production: over 330,000 square feet of soundwall and 31,000 linear feet of J-J Hooks barriers.
• The Reidsville plant, with enhanced capacity, is positioned for larger contracts moving forward.

Negative

• None.

News Market Reaction – SMID

+3.39%

+3.39% Session move

In the trading session that priced this news, SMID gained 3.39%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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Largest Contract in History of Reidsville, NC Plant

MIDLAND, VA / ACCESSWIRE / May 10, 2022 / Smith-Midland Corporation (NASDAQ:SMID), a provider of innovative, high-quality proprietary and patented precast concrete products and systems, announced today that its Reidsville, North Carolina Plant has signed the largest contract in its history to produce precast concrete soundwall and J-J Hooks concrete barrier for a North Carolina Department of Transportation (NCDOT) project.

The $6.6 million contract for a section of the new Interstate 74 Northern Beltway around Winston-Salem in Forsyth County, NC, will require over 330,000 square feet of soundwall with an ashlar stone finish on both sides of the wall along with more than 850 precast soundwall columns, as well as more than 31,000 linear feet of J-J Hooks concrete barrier.

"The scope of this project is what we envisioned when we built the Reidsville, North Carolina plant in 2019. At 15,000 square feet, this facility has more capacity to take on contracts like this one and we look forward to securing more, larger contracts in the future," said Ashley Smith, President and Chief Executive Officer of Smith-Midland Corporation.

The General Contractor for this project is Webber, LLC, a division of Ferrovial Construction U.S., which is 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 utilities industries. Management and the board own approximately five percent of SMID stock, aligning with shareholder values.

Smith-Midland Corporation has three manufacturing facilities located in Midland, VA, Reidsville, NC, and Columbia, SC, and Concrete Safety Systems, our 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
Three Part Advisors, LLC
(214) 872-2710

SOURCE: Smith-Midland Corporation

View source version on accesswire.com:
https://www.accesswire.com/700496/Smith-Midland-Signs-66-Million-Contract-with-North-Carolina-Department-of-Transportation