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GRANITE CONSTRUCTION TO OPEN TWO NEW BRANCES IN CALIFORNIA

 GRANITE CONSTRUCTION TO OPEN TWO NEW BRANCES IN CALIFORNIA
 WATSONVILLE, Calif., May 6 /PRNewswire/ -- Granite Construction Inc. (NASDAQ, NMS: GCCO) announced today that it intends to open two new branch operations in Palm Springs and San Diego, Calif., through two separate acquisitions.
 In Palm Springs, the company has signed a definitive acquisition agreement to acquire substantially all the assets and certain related liabilities of Tarmac California Holdings Inc. for $42.2 million. Tarmac California is a Palm Desert, Calif.-based heavy civil contractor and construction materials producer. Among the assets included in the aquisition are 21 aggregate sites, 10 ready-mix concrete plants and five asphalt plants located throughout Imperial, Riverside and San Bernardino counties. Granite will finance the acquisition through a combination of cash and debt. The company had previously announced that it had signed a non-binding letter of intent to acquire Tarmac California. The parties expect to close the transaction in June 1992.
 In San Diego, Granite has signed a non-binding letter of intent to acquire the assets of RLF Inc. and RLF Concrete Inc. for approximately $2.6 million. RLF Inc. and its sister company are paving and concrete contractors respectively. Granite has had a satellite office in San Diego since April 1991. The company currently has about $20 million worth of work underway in the San Diego area. Granite will finance the acquisition internally. The parties expect to close the transaction within the next 30 days.
 "These acquisitions give Granite a viable presence in two important marketplaces in California," said President and Chief Executive Officer David H. Watts. He added that the company believes that in the current business climate, "it makes good sense to take advantage of strategic opportunities that provide long-term prospects to grow our business."
 Granite Construction is a heavy civil contractor engaged in the construction of highways, dams, airports, mass transit systems and other infrastructure-related projects. The company's stock trades on the NASDAQ National Market system under the symbol GCCO.
 -0- 5/6/92
 /CONTACT: Michael Lawson of Granite Construction Inc., 408-761-4717/
 (GCCO) CO: Granite Construction Inc. ST: California IN: CST SU: TNM


MC-RM -- SJ002 -- 6916 05/06/92 09:03 EDT
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Publication:PR Newswire
Date:May 6, 1992
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