Montrose Environmental Group Inc. of North Little Rock (NYSE: MEG) has been selected as one of the companies to provide environmental services to the U.S. Air Force under a $1.5 billion, 10-year contract with the Department of Defense.
Montrose will partner with environmental consulting and remediation firm Tanaq Environmental LLC of Anchorage, Alaska, on various projects at Air Force installations around the world. The Multiple Award Task Order Contract includes projects that address environmental remediation of traditional and emerging contaminants, such as PFAS, otherwise known as “forever chemicals,” and environmental planning and support services.
“We are honored to be selected by the United States Air Force to help safeguard the environment that supports those who protect us,” Vijay Manthripragada, president and CEO of Montrose, said in a news release “Our deep expertise combined with industry-leading innovations deliver real-world impact and help us tackle some of the world’s most pressing environmental challenges.”
Several firms, including Montrose and Tanaq, will receive a portion of the $1.5 billion contract.
The Air Force has not yet initiated purchase orders, according to the release, so Montrose expects no financial impact from the deal this year.
Montrose in February reported record fourth-quarter revenue of $189.1 million, up 14.1% from $167.8 million a year ago. The company posted a $28.2 million loss in the quarter, compared to a $1.4 million loss a year ago, which Montrose attributed primarily due to a one-time charge of $18 million related to the cancellation of all executive stock appreciation rights.
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