Granite Executes Contract and Receives Notice to Proceed on IH-35E Project in Texas
Granite Executes Contract and Receives Notice to Proceed on IH-35E Project in Texas
WATSONVILLE, Calif.--(BUSINESS WIRE)-- Granite Construction Incorporated (NYS: GVA) announced today that AGL Constructors (AGL), a joint venture comprised of Archer Western Contractors, LLC, Granite Construction Company and Lane Construction Corporation recently received an executed contract and notice to proceed from the Texas Department of Transportation (TxDOT) for the IH-35E Managed Lanes Project in Texas. Granite expects to book approximately $296 million related to its 35 percent share of the project into second quarter 2013 backlog.
The scope of the project includes design and reconstruction of 28 miles between IH-635 and US 380 between Dallas and Denton Counties, a section known as one of Texas' 100 most congested roadways. In various segments, the project will add two reversible managed lanes and one additional general purpose lane in each direction. The project will also add a new southbound bridge at Lake Lewisville that will offer more reliability for commuters during major incidents.
AGL was selected by TxDOT in December of 2012. Work has begun and is expected to take approximately 3.5 years to complete.
About Granite
Through its offices and subsidiaries nationwide, Granite Construction Incorporated (NYS: GVA) is one of the nation's largest infrastructure contractors and construction materials producers. Incorporated in 1922, Granite serves public- and private-sector clients on projects both small and large. Granite's project teams represent some of the best in the industry serving owners in the transportation, power, federal, tunneling, underground, and industrial/mining and water resources markets. In 2013, the Company was recognized by the Ethisphere Institute as one of the World's Most Ethical Companies for the fourth year in a row. For more information please visit www.graniteconstruction.com.
Granite Construction Incorporated
Jacque Fourchy, 831-761-4741
KEYWORDS: United States North America California Texas
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The article Granite Executes Contract and Receives Notice to Proceed on IH-35E Project in Texas originally appeared on Fool.com.
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