The SciDev Ltd (ASX: SDV) share price is in the green in late-afternoon trade following an announced contract award. Here’s the details.
The post Here’s why the SciDev (ASX:SDV) share price is on the rise today appeared first on The Motley Fool Australia. –
At the time of writing, the chemical engineering company’s shares are swapping hands for 95 cents, up 3.28%.
What’s moving the SciDev share price higher?
SciDev shares are pushing higher after investors appear upbeat about the company’s latest news.
According to its release, SciDev firstly advised that its proposed acquisition of Haldon Industries is on track. Completion of the takeover is expected to occur before the end of the current quarter.
In addition, the company noted that Haldon has secured a contract with Sydney’s $2.6 billion Gateway Road project.
Founded in 2016, Haldon is an Australian-based environmental engineering company specialising in water and waste management. The company has a strong presence in the Polyfluoroalkyl (PFAS) market in Australia through its mobile treatment plants.
Under the deal, Haldon will design, construct, and commission a Sequencing Batch Reactor (SBR) Leachate Treatment Plant (LTP) for the Gateway Road project. The New South Wales Governments’ delivery partner, John Holland-Seymour Whyte Joint Venture will oversee the works.
Once completed, the Sydney Gateway Road project will provide a high-capacity link across the city’s motorway network. The airport precinct, Port Botany and surrounding roads will be connected to the newly opened St Peters Interchange.
SciDev managing director and CEO, Lewis Utting touched the contract win, saying:
Through the acquisition of Haldon, we are looking forward to supporting the Sydney Gateway Project – the contract extends our presence on major infrastructure projects in the Australian market and demonstrates the calibre of project that the SciDev and Haldon teams can secure.
Mr Utting went on to speak about the company’s performance, adding:
The integration of the Haldon business is progressing in line with expectations, completion is scheduled to occur in Q4FY21. Haldon’s way of doing business to solve client water treatment problems is highly aligned with SciDev’s bespoke approach and culture, consequently providing a seamless path for the integration process.
The SciDev share price has gained over 40% in the past year and is roughly 17% higher on year-to-date performance.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.