Granite Announces Completion of the Inliner Sale
Granite Construction (NYSE: GVA) has completed the sale of its trenchless and pipe rehabilitation services business, Inliner, to Inland Pipe Rehabilitation for $159.7 million. CEO Kyle Larkin emphasizes this divestiture aligns with the company's strategic plan, focusing on core civil construction competencies. The proceeds will be used to enhance vertically-integrated services, reduce debt, and facilitate share repurchases. In March, Granite purchased 611,000 shares for $18.5 million, signaling ongoing commitment to shareholder value.
- Completed sale of Inliner for $159.7 million.
- Proceeds will strengthen core competencies and support share buybacks.
- Recent share repurchases demonstrate commitment to shareholder value.
- None.
“I’m pleased to announce the completion of the Inliner sale,” stated
Larkin continued, “We have built the foundation for growth and profitability expansion with Granite’s transformation over the last year. Our strategic plan charts Granite’s course over the next three years, and we look forward to expanding on our vision in our first quarter 2022 earnings call.”
Advisors
Perella Weinberg Partners is serving as financial advisor to Granite and Shearman & Sterling is serving as legal advisor on the divestiture of Inliner. Houlihan Lokey is serving as exclusive financial advisor and
About Granite
Granite is America’s Infrastructure Company™. Incorporated since 1922,
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Forward-looking Statements
Any statements contained in this news release that are not based on historical facts, including statements regarding future events, including the sale of the Water Resources and Mineral Services businesses, the anticipated use of proceeds, share repurchases in 2022, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, guidance, Committed and Awarded Projects (“CAP”) and results, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” “continue,” "guidance" and the negatives thereof or other comparable terminology or by the context in which they are made. These forward-looking statements are estimates reflecting the best judgment of senior management and reflect our current expectations regarding future events, including the sale of the Water Resources and Mineral Services businesses, the anticipated use of proceeds, share repurchases in 2022, occurrences, opportunities, circumstances, activities, performance, growth, demand, strategic plans, shareholder value, outcomes, outlook, guidance, CAP and results. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the
Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this news release and, except as required by law; we undertake no obligation to revise or update any forward-looking statements for any reason.
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