Granite Awarded $16 Million Rehabilitation Project at Anchorage International Airport

Rhea-AI Summary

Granite (NYSE:GVA) has secured a $16 million contract from the Alaska Department of Transportation for rehabilitating three taxiways at Anchorage International Airport. The project, set to start in July 2021 and finish by September 2022, includes replacing 60,000 tons of asphalt, storm drain enhancements, and updating lighting and signage. Granite will utilize its Lang Street Hot Plant to supply the asphalt. This award strengthens Granite's position in Alaska, aligning with its core business in milling and paving.

Positive

• Awarded a $16 million contract, enhancing revenue prospects.
• Utilizing Lang Street Hot Plant for efficient asphalt supply.
• Strengthens Granite's presence and capabilities in Alaska.

Negative

• None.

Granite (NYSE:GVA) announced that it has been awarded a bid-build contract to rehabilitate three taxiways at Anchorage International Airport (AIA) by the Alaska Department of Transportation and Public Facilities in Anchorage, Alaska. The $16 million contract is anticipated to be included in Granite’s second quarter committed and awarded projects (CAP)¹.

The scope of work consists of cold planing and replacing 60,000 tons of asphalt pavement, asphalt surface treatment, storm drain improvements, and the replacement and improvement of taxiway lighting and signage. Granite’s Lang Street Hot Plant will supply the 60,000 tons of hot-mix asphalt for the project.

“This project is a great win for our fixed hot plant facility in Anchorage,” said Derek Betts, Granite regional vice president. “Milling and paving is a core part of our business, so this project is a perfect fit for our strengths here in Alaska.”

The rehabilitation work is expected to begin in July 2021 and projected to be completed by September 2022.

¹ CAP is comprised of unearned revenue and other awards, as well as construction management/general contractor and alternative procurement projects.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure, and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the company and its employees to uphold the highest ethical standards. Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210624005875/en/

FAQ

What is the value of Granite's contract for Anchorage Airport?

Granite's contract for rehabilitating taxiways at Anchorage International Airport is valued at $16 million.

When is the rehabilitation work at Anchorage Airport scheduled to begin?

The rehabilitation work is expected to start in July 2021.

What is included in the scope of work for the Anchorage Airport project?

The scope includes cold planing and replacing 60,000 tons of asphalt, storm drain improvements, and upgrading taxiway lighting and signage.

When is the completion date for the Anchorage International Airport project?

The project is projected to be completed by September 2022.

What is the stock symbol for Granite?

Granite's stock symbol is GVA.