Centennial Asphalt Company Acquires Liquid Asphalt Terminal in Bakersfield

Rhea-AI Summary

Granite Construction (NYSE:GVA) announced the acquisition of a liquid asphalt terminal in Bakersfield, California, from its subsidiary Centennial Asphalt Company. The terminal, with a capacity of 170,000 barrels, will enhance Granite's Home Market Strategy by providing greater access to high-quality polymer modified asphalt and emulsions. This strategic facility supports the expansion into sustainable products, including asphalt modified with recycled materials, leveraging its central location and flexibility in transportation options.

Positive

• Acquisition of liquid asphalt terminal enhances supply capabilities in California.
• Expansion into high-quality polymer modified asphalt and emulsions.
• Facility supports sustainable product offerings with recycled materials.

Negative

• None.

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Centennial Asphalt Company, a wholly owned subsidiary of Granite Construction Incorporated (NYSE:GVA), has completed the purchase of a liquid asphalt terminal. The facility, located in Bakersfield, California, provides 170,000 barrels of liquid asphalt storage.

“Centennial Asphalt will support customers across California,” said Brad Estes, vice president of construction materials. “This liquid asphalt terminal will enhance our Home Market Strategy by expanding into high-quality polymer modified asphalt, emulsions, and neat asphalt.”

“Our Bakersfield terminal’s central location is a huge asset for Centennial Asphalt and the asphalt market,” added Rob Carter, director of asphalt and emulsions.

The terminal is accessible by both truck and rail. The additional flexibility provided by the terminal is also expected to allow Centennial to expand into new, more sustainable product offerings such as asphalt modified with recycled materials.

About Granite

Granite Construction Incorporated (together with its wholly-owned and consolidated subsidiaries, “Granite”, “Company”, “we”, “our” or “us”) is America’s Infrastructure Company™. Our Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. We are an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220615005284/en/

Media

Erin Kuhlman - 831-768-4111

Investors

Wenjun Xu - 831-761-7861

Source: Granite Construction Incorporated

FAQ

What did Granite Construction announce on [date] regarding GVA?

Granite Construction announced the acquisition of a liquid asphalt terminal in Bakersfield, California.

How much liquid asphalt storage capacity does the new terminal have?

The new terminal has a storage capacity of 170,000 barrels.

What are the strategic benefits of the Bakersfield terminal for GVA?

The terminal supports expansion into high-quality asphalt products and sustainable offerings, enhancing Granite's Home Market Strategy.

What type of asphalt products will Granite be able to offer after the acquisition?

Granite will enhance its offerings in polymer modified asphalt, emulsions, and sustainable asphalt modified with recycled materials.

What is the expected impact of this acquisition on GVA's market position?

The acquisition is expected to strengthen GVA's market position in California by improving supply capabilities and product offerings.