FSU Criticizes ANZ Over Suncorp Bank Job Cuts Amid Post-Acquisition Commitments 
Tesla Plans FSD Subscription Price Hikes as Autonomous Capabilities Advance 
Exxon Mobil’s XTO Energy Explores Sale of Eagle Ford Shale Assets in South Texas 
Baidu Shares Surge After Official Launch of Advanced Ernie 5.0 AI Model 
Sanofi Reports Positive Late-Stage Results for Amlitelimab in Eczema Treatment 
Microsoft Restores Microsoft 365 Services After Widespread Outage 
U.S. Lawmakers Demand Scrutiny of TikTok-ByteDance Deal Amid National Security Concerns 
Goldman Sachs CEO David Solomon’s 2025 Pay Soars to $47 Million After Strong Deal-Making Year 
Toyota Recalls 162,000 Tundra Vehicles in U.S. Over Multimedia Display Issue 
Winter Storm Triggers Widespread Flight Cancellations Across U.S. as Airlines Urge Travelers to Rebook 
ByteDance Finalizes Majority U.S.-Owned TikTok Joint Venture to Avert American Ban 
BitGo IPO Prices Above Range, Raises $212.8M in Landmark Crypto Market Debut 
Walmart to Cut PhonePe Stake in IPO as Tiger Global and Microsoft Exit 
FAA Says It Is Not Blocking Boeing 737 MAX 7 and MAX 10 Certification 
Hermès Menswear Marks Historic Transition as Véronique Nichanian Bids Farewell in Paris 
Memory Chip Shortage Drives Higher Gadget Prices and Weakens Global Tech Demand 
Ericsson Plans SEK 25 Billion Shareholder Returns as Margins Improve Despite Flat Network Market 
- Break-in win at top 5 largest Engineering, Procurement and Construction firms
- First award with $40B global chemical company owner
HOUSTON, May 09, 2017 -- American Electric Technologies, Inc. (NASDAQ:AETI), a leading provider of power delivery solutions for the global energy industry, announced today that its M&I Electric business has been awarded a $5M contract to provide a turnkey power delivery solution for a new chemical plant under construction on the Texas Gulf Coast
This is M&I’s first turnkey solution project award with this large Engineering, Procurement and Construction (EPC) firm, who ranked in the top five largest Engineering News Record (ENR) Top 500 Design Firms with revenues of $10B.
The M&I turnkey power delivery system will supply safe, reliable power distribution for a new chemical plant under construction near Alvin, TX for a $40B global chemical company owner.
M&I’s turnkey power delivery solutions includes custom-designed medium and low voltage conventional switchgear, low voltage and medium voltage motor control centers, and communications equipment all integrated into multiple M&I Power Distribution Centers (PDCs).
“This is a very important order award for the company as it represents a break-in win for our company into another top 5 EPC firm,” said Charles Dauber, President and CEO, AETI. “We look forward to working with our new customer and the project owner to deliver our turnkey power delivery solution for this chemical plant project.”
M&I expects delivery of this project to occur in the late 2017. Additional details were not disclosed.
About AETI:
American Electric Technologies, Inc. (NASDAQ:AETI) is a leading supplier of power delivery solutions for the global energy industry. AETI offers M&I Electric™ power distribution and control products, electrical services, and E&I construction services. AETI is headquartered in Houston and has global operations in Beaumont, Texas; and Rio de Janeiro, Macae and Belo Horizonte Brazil. In addition, AETI has minority interests in two joint ventures, which have facilities located in Xian, China and Singapore. AETI’s SEC filings, news and product/service information are available at www.aeti.com.
Contact: Bill Brod Chief Financial Officer 713-644-8182
