"We are pleased to have reached a resolution to what has been an extremely challenging project for all parties involved," said James H. Roberts, Granite president and CEO. "While we were confident in our position regarding the disputes with ODOT, we believed it to be in the best interest of the company and its stakeholders to resolve this matter and avoid the cost and distraction of protracted litigation."
The agreement between ODOT and YRC ends YRC's contractual obligation to complete the project. Termination of the contract is by mutual agreement and not a termination for default.
The terms of the settlement also include that ODOT will waive claims it
has against YRC, release to YRC approximately
Granite is one of the nation's leading infrastructure contractors and is member of the S&P 400 Midcap Index, the FTSE KLD 400 Social Index and the Russell 2000 Index. Through its wholly owned subsidiary, the company is one of the nation's largest diversified heavy civil contractors and construction materials producers serving public- and private-sector clients nationwide.
Granite has one of the oldest and most robust ethics and compliance
programs in the industry. The company has won numerous awards including
being named as one of the world's most ethical companies by Ethisphere
for three straight years. Last month, Granite received the Alliant
Build America Award from the
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