Granite Selected for Approximately $174 Million Los Angeles World Airports Construction and Rehabilitation Project

Rhea-AI Summary

Granite (NYSE:GVA) has secured a contract worth approximately $174 million from the City of Los Angeles and LAWA to improve runway operations at LAX. This project involves the construction of four new exit taxiways and the rehabilitation of existing runways, expected to begin in January 2023 and complete by April 2025. Funding will come from LAWA’s Capital Improvement Plan and the FAA. The project aims to increase safety and operational efficiency, with Granite recycling about 85,000 tons of materials and batching 85,000 cubic yards of concrete on-site.

Positive

• Secured a $174 million contract from LAWA, boosting revenue potential.
• Project enhances relationship with LAWA, established since 2016.
• Improves safety and operational efficiency at one of the world’s busiest airports.

Negative

• None.

WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite (NYSE:GVA) has been awarded an approximately $174 million contract by the City of Los Angeles and Los Angeles World Airports (LAWA) to construct new exit taxiways and reconstruct sections of existing runways. The project will be funded by LAWA’s Capital Improvement Plan (CIP) and Federal Aviation Administration (FAA), and is expected to be included in Granite’s fourth quarter CAP.

The project consists of constructing four new exit taxiways alongside existing Runway 6L-24R, rehabilitation of hot mix asphalt (HMA) pavement surfacing on Runway 6L-24R, and reconstruction of Portland cement concrete pavement keel section of Runway 6R-24L on the north airfield. The project requires two major runways to be shut down sequentially, requiring working double 10-hour shifts, six and sometimes seven days a week for nearly a year continuously. The resulting work will improve safety and operational efficiency on the airfield and extend the pavement life of both runways on the north complex of LAX. Granite will be recycling approximately 85,000 tons of materials on-site, and self-producing (batching) approximately 85,000 cubic yards of FAA Concrete for use on the project.

“This project allows Granite to further enhance our quality relationship with LAWA that has been developing since 2016,” said Granite VP of Regional Operations, Scott McArthur. “We appreciate being trusted with a project that will provide increased safety and efficiency to one of the world’s busiest airports.”

The project will begin in January 2023 and is expected to be completed in April 2025.

For more detailed project information, visit LAWA.org.

About Granite

Celebrating its centennial year, 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 graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221220005024/en/

Media

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Source: Granite

FAQ

What is the value of the contract awarded to Granite (GVA) by LAWA?

Granite (GVA) was awarded a contract valued at approximately $174 million by LAWA.

When is the project expected to start and end?

The project is expected to start in January 2023 and finish by April 2025.

What improvements will Granite (GVA) make at LAX?

Granite will construct new taxiways and rehabilitate existing runways to enhance safety and operational efficiency.

How much material will Granite recycle for the LAX project?

Granite plans to recycle approximately 85,000 tons of materials on-site during the project.