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Stock Market & Financial Investment News

News Breaks
June 10, 2014
17:31 EDTGVAGranite Construction awarded $75M joint venture bridge project in Illinois
Granite Construction announced that a joint-venture team comprised of Kenny Construction Company, a Granite subsidiary, and Edward Kraemer & Sons has been awarded a $75M bridge reconstruction and widening contract by the Illinois Tollway. Granite will book its 41% share, or approximately $31M, into backlog during the second quarter. The joint-venture team will be responsible for constructing two new bridge structures that will increase capacity of the Fox River Bridge from six lanes to eight lanes with full shoulders to accommodate the new, wider Interstate 90 roadway. The new bridge structures will be 1,315-feet long, stand 40-feet above the surface of the Fox River and have eight spans supported by seven piers. The existing structures have 14 piers. The new structures will have fewer piers to reduce the environmental impact on the waterway and forested fen below. The Project is projected to start in June 2014 and be completed by the end of 2016. The bridge will remain open with three lanes in each direction being maintained during peak hours.
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March 19, 2015
08:38 EDTGVAGranite Construction says financial close achieved in $899M project
Granite Construction announced that Financial Close has been achieved on the $899M Pennsylvania Rapid Bridge Replacement Project, the first public-private partnership to bundle multiple bridges in a single procurement in the U.S. Granite anticipates booking its 40% share of the contract into backlog in 1Q15. Plenary Group is the project sponsor, financial arranger and primary investor for the Plenary Walsh Keystone Partners consortium, which has been contracted by the Pennsylvania Department of Transportation to deliver the project. The Plenary Walsh Keystone Partners consortium includes The Walsh Group, Granite Construction Company and HDR. Construction is expected to begin in May 2015, with a projected completion date of December 2017.

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