Granite Purchases Quarry and Barge Loading Facility on Vancouver Island

Rhea-AI Summary

Granite (NYSE:GVA) has successfully acquired Coast Mountain Resources (2020) Ltd., a construction aggregate producer located on Malahat First Nation land in British Columbia, Canada. This acquisition includes the Bamberton Quarry, known for its high-quality aggregate and strategic location on Vancouver Island. Granite has previously been a customer of this quarry, underscoring its value. The company aims to work collaboratively with the Malahat First Nation to ensure responsible operations and community integration. This move aligns with Granite's strategic focus on reinforcing its home markets, following prior acquisition of Brunswick Canyon in Nevada, and further enhances its competitive position in the construction materials sector.

Positive

• Acquisition of Coast Mountain Resources strengthens Granite's portfolio in construction materials.
• The Bamberton Quarry is strategically located and has quality resources.
• Collaboration with the Malahat First Nation may enhance community relations and operational sustainability.

Negative

• None.

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) announced today that it has completed the acquisition of Coast Mountain Resources (2020) Ltd., a construction aggregate producer based in British Columbia, Canada on Malahat First Nation land. Coast Mountain Resources operates the Bamberton Quarry on Vancouver Island, which is strategically located on the deep water of the Saanich Inlet. Granite has been a customer of the quarry due to its high-quality aggregate and strategic proximity to our home markets.

“We’re excited to work with the Malahat First Nation to accomplish a shared goal of managing a safe and environmentally responsible operation,” said Vice President of Construction Materials Brad Estes. “We look forward to working with the Malahat Nation to ensure that our business is an integral part of their community for decades to come.”

“Supporting and strengthening our vertically integrated home markets, which we have done through the acquisition of CMR and the previously announced acquisition of Brunswick Canyon in Nevada, is at the core of our strategic plan,” explained President and CEO Kyle Larkin. “We’re happy to have CMR in our portfolio and we will continue to be opportunistic in future investments to support the growth of our home markets.”

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 civil construction provider. 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 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/20230424005749/en/

Media

Erin Kuhlman 831-768-4111



Investors

Wenjun Xu - 831-761-7861

Source: Granite

FAQ

What is the significance of Granite's acquisition of Coast Mountain Resources?

Granite's acquisition of Coast Mountain Resources enhances its construction materials portfolio and strengthens its supply chain.

Where is Coast Mountain Resources located?

Coast Mountain Resources is located on Malahat First Nation land in British Columbia, Canada.

How does the acquisition align with Granite's strategic goals?

The acquisition supports Granite's strategy of reinforcing its home markets and expanding its vertical integration.

What is the operational focus of Granite after the acquisition?

Granite aims to manage a safe and environmentally responsible operation in collaboration with the Malahat First Nation.

What is the stock ticker for Granite?

Granite's stock ticker is GVA, listed on the NYSE.