WATSONVILLE, Calif., Jul 17, 2009 (BUSINESS WIRE) -- Granite Construction Incorporated (NYSE:GVA) announced today that the Houston Rapid Transit Joint Venture team ("HRT"), has received a notice to proceed ("NTP") valued at approximately $121 million from the Metropolitan Transit Authority of Harris County for early portions of the expansion of the existing light rail transit system in Houston, Texas. HRT was awarded the $1.28 billion design/build contract earlier this year, of which Granite's portion is 34%. The company expects to book its share of the NTP, or approximately $41 million, into backlog in the third quarter of 2009. Remaining portions will be booked as further notices to proceed are received.
Led by Parsons Transportation Group Inc., HRT includes Granite Construction Company, Kiewit Texas Construction L.P. and Stacy and Witbeck, Inc. The team is responsible for expanding the existing light rail transit system in four new corridors totaling an additional 20 miles of light rail transit. Scope of the work includes 32 stations, storage and inspection facilities and a major renovation to the existing Operations Center. Three of the new corridors will be located in and adjacent to downtown Houston and one will be located in the Galleria area.
For more information on the project, please visit the METRO website at www.ridemetro.org.
Granite Construction Incorporated is a member of the S&P 400 Midcap Index, the Domini 400 Social Index and the Russell 2000. Granite Construction Company, a wholly owned subsidiary, is one of the nation's largest diversified heavy civil contractors and construction materials producers. Granite Construction Company serves public and private sector clients through its offices and subsidiaries nationwide. For more information about Granite, please visit their website at www.graniteconstruction.com.
SOURCE: Granite Construction Incorporated
Granite Construction Incorporated
Jacque Fourchy, 831-761-4714
Copyright Business Wire 2009