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Electra wins NIS 3.1b contract for new New York jail

Impression of new jail in Queens, New York credit: STV Incorporated
Impression of new jail in Queens, New York credit: STV Incorporated
19 Aug, 2024 10:34
שלח תגובה במיילYuval Nisani

Two Electra subsidiaries will plan and install the electro-mechanical systems in a new jail to be built in the borough of Queens.

Electra (TASE: ELTR) will take part in the construction of a new jail in the New York borough of Queens. Two Electra subsidiaries, Hellman Electric and F.W. Sims LLC, will be responsible for the electro-mechanical systems in the new jail, being built at a total cost of some NIS 15 billion. The share of the two Electra subsidiaries in the project will be worth NIS 3.1 billion, which is double Electra’s entire revenue from electro-mechanics for the whole of last year.

Electra operates in five sectors: building and infrastructure projects in Israel; building and infrastructure projects overseas; operating, service and maintenance; real estate development; and franchises. Within the building and infrastructure projects sector, the company carries out electro-mechanical work both in Israel and overseas. In the US, Electra entered this field in 2019, through Electra USA, which holds the two companies selected to carry out the work on the new jail.

Hellman Electric will carry out all of the electrical work on the project, while F.W. Sims will carry out most of the mechanical work. Electra says that the planning for the project will start immediately, and that construction is expected to take until 2030. Electra group CEO Itamar Deutscher said, "The selection of Electra USA to plan and carry out the works consolidates the company’s positioning as a leading player in electro-mechanics in the US in general and in New York in particular. The project is one of the biggest electro-mechanical projects in the US. This represents a significant step up for the business of Electra in the US, and is in line with our strategy of expanding Electra Ltd.’s activity in the US and around the world."

Electra recently announced two other projects in the US, though on a much smaller scale. One is the lighting in the new Terminal One building at New York’s John F. Kennedy International Airport, for NIS 362 million. The other is the mechanics work at the New Highmark Stadium of the Buffalo Bills National Football League team in New York, for NIS 218 million. 

Published by Globes, Israel business news - en.globes.co.il - on August 19, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Impression of new jail in Queens, New York credit: STV Incorporated
Impression of new jail in Queens, New York credit: STV Incorporated
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