Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Arcadis Wins Order to Evaluate Lower Manhattan Flood Protection

Don't Miss Out —
Follow us on:

April 29 (Bloomberg) -- Arcadis NV, the biggest Dutch designer of bridges and dikes, won an order to evaluate options for flood prevention in New York as the city works to avoid a repeat of the destruction last year by superstorm Sandy.

The New York Economic Development Corp. hired Arcadis to study flood risk-reduction alternatives in Lower Manhattan and other areas that are vulnerable to flooding because of rising sea levels rise or future storms, the Amsterdam, Netherlands-based company said today in a statement. Arcadis didn’t disclose financial figures for the contract.

The Dutch company received orders last year to help restore water-treatment facilities in New York that were knocked out by Sandy, and it also helped improve New Orleans levees after Hurricane Katrina. The newly assigned studies include computer modeling of effects of severe weather, tides and sea levels as far into the future as 2050, with results to be completed within months, Arcadis said today.

“This initial order may not be particularly sizable, but any follow-on orders can become big,” Philip Scholte and Michel Aupers, Utrecht, Netherlands-based analysts at Rabobank Securities with a buy recommendation on the company, said in a report to investors. “This is another clear sign that Arcadis is a global leader in water management and flood protection.”

Arcadis rose as much as 1.1 percent to 21.20 euros and was trading up 0.7 percent at 11:03 a.m. in Amsterdam, valuing the company at 1.57 billion euros ($2.05 billion).

“As major storms like Sandy occur more frequently, coastal cities like New York will face flood risk management decisions,” said Steve Blake, head of the Dutch company’s U.S. unit. “Multiple lines of defense, including those designed and built with nature, will need to be considered in any comprehensive protection strategy.”

To contact the reporter on this story: Martijn van der Starre in Amsterdam at vanderstarre@bloomberg.net

To contact the editor responsible for this story: Mariajose Vera at mvera1@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.