Sterling and W.W. Clyde & Co. Joint Venture Awarded $141 Million Progressive Design-Build Project in Utah
February 11 2020 - 3:15PM
Business Wire
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling”
or “the Company”) today announced that a joint venture between
Sterling’s subsidiary, Ralph L. Wadsworth Construction Company, LLC
(“RLW”/49% interest) and W.W. Clyde & Co. (“Clyde”/51%
interest), have been selected by the Utah Department of
Transportation (“UDOT”) to design and perform the reconstruction
work on Bangerter Highway in Salt Lake County, Utah. The design
finalization and execution of the project is estimated to
approximate $141 million.
This project consists of converting the intersections of 6200
South, 104000 South, and 12600 South into grade separated
interchanges from traffic signals. Each of the three interchanges
will include a bridge, retaining walls, earthwork, concrete paving,
drainage, signals, and utility work.
Joe Cutillo, Sterling’s CEO commented, “The selection of our
joint venture with Clyde by UDOT for this major alternative
delivery highway project is representative of our strategy to
pursue heavy highway awards where we can deliver greater value to
the project owner through our extensive design-build capabilities.
Bangerter Highway is one of the most heavily traveled North-South
corridors in Utah, especially through Salt Lake County, the most
populous county in the state. Traffic signals on this stretch of
highway have begun to cause major traffic congestion and unsafe and
inefficient conditions for motorists. Converting these existing
traffic signals to interchanges will allow for increased vehicular
traffic, better traffic flow, and improved safety for drivers.
Another focus of ours is to perform this work while not disrupting
the nearly 60,000 vehicles that travel on this road daily. We have
had a long teaming relationship with Clyde and we welcome the
opportunity to once again work with UDOT, an organization we have a
great relationship with, as evidenced by our recent project
awards.”
The Clyde and RLW joint venture estimates the project will
employ hundreds of people with construction scheduled to begin in
Spring 2020 and anticipates the completion of the project by the
end 2021. Sterling anticipates booking its 49% portion of the total
contract value award, or approximately $69 million, in its first
quarter 2020 backlog.
Sterling, a Delaware corporation, is a construction company that
specializes in heavy civil infrastructure construction and
rehabilitation, construction site excavation and improvement, and
residential construction projects, primarily across the southern
United States, the Rocky Mountain states, California and Hawaii.
Heavy civil construction projects include highways, roads, bridges,
airfields, ports, light rail, water, wastewater and storm drainage
systems, foundations for multi-family homes, commercial concrete
projects and parking structures. Site excavation and improvement
entails construction site preparation primarily in the Southeast
region of the United States for blue-chip customers in the
distribution center, warehousing, e-commerce, data center, big box
retail and energy sectors, as well as other growing end markets.
Residential construction projects include concrete foundations for
single-family homes in Texas.
This press release includes certain statements that fall within
the definition of “forward-looking statements” under the Private
Securities Litigation Reform Act of 1995. Any such statements are
subject to risks and uncertainties, including overall economic and
market conditions, federal, state and local government funding,
competitors’ and customers’ actions, and weather conditions, which
could cause actual results to differ materially from those
anticipated, including those risks identified in the Company’s
filings with the Securities and Exchange Commission. Accordingly,
such statements should be considered in light of these risks. Any
prediction by the Company is only a statement of management’s
belief at the time the prediction is made. There can be no
assurance that any prediction once made will continue thereafter to
reflect management’s belief, and the Company does not undertake to
update publicly its predictions or to make voluntary additional
disclosures of nonpublic information, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200211005761/en/
Sterling Construction Company, Inc. Ron Ballschmiede,
Chief Financial Officer 281-214-0777 Investor Relations
Counsel: The Equity Group Inc. Fred Buonocore, CFA 212-836-9607
Mike Gaudreau 212-836-9620
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