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Granite's subsidiary wins interstate improvement contract worth USD39m from IDOT in Chicago.

M2 EQUITYBITES-July 11, 2018-Granite's subsidiary wins interstate improvement contract worth USD39m from IDOT in Chicago


Kenny Construction Company, a wholly-owned subsidiary of Granite Construction Incorporated (NYSE:GVA), disclosed on Tuesday that it won a USD39m interstate improvement contract for the Westbound I-90 project in Chicago, Illinois, USA from the Illinois Department of Transportation (IDOT).

Also, the company stated that the contract will be included in its second quarter 2018 backlog.

Under the contract, an auxiliary lane will be constructed between Canfield Road and Harlem Avenue, along with a westbound collector-distributor roadway. Ramp modifications will be made at Cumberland Avenue, Canfield Road and Harlem Avenue interchanges to tie into the widened mainline pavement. Also six new retaining walls will be constructed and repairs made to five existing retaining walls; reconstruction will be done at the existing retaining wall at the westbound Canfield Road exit ramp due to a realignment of the ramp; and resurfacing of westbound mainline will occur in I-90 up to Harlem Avenue.

Further, the company said that I-90 is a east-west transportation route and link in the country's transportation system. Construction will begin in the summer of 2018 and conclude in the summer of 2020.

Granite operates as a heavy civil contractor and a construction materials producer in the US. It operates through three segments: Construction, Large Project Construction and Construction Materials. It was founded in 1922 and is headquartered in Watsonville, California.

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Publication:M2 EquityBites (EQB)
Geographic Code:1U3IL
Date:Jul 11, 2018
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