HOUSTON--(BUSINESS WIRE)--Sterling Construction Company, Inc. (NasdaqGS:STRL) (“Sterling” or “the Company”) today announced that a joint venture, comprised of its Myers & Sons Construction (“Myers”) and J. Banicki Construction Inc. (“Banicki”) subsidiaries, has been awarded the contract for construction work at the Los Angeles International Airport (“LAX”) Central Terminal Area Curbside Appeal Project. The project is anticipated to begin in Spring 2014 and be completed during 2015, costing a total of $80 million.
The scope of the work includes the following components:
- Second Level Roadway Repair – includes removal and replacement of expansion joint seals, hinge repair and replacement, polyester concrete overlay, barrier rail replacement, signal work, and deck drainage improvements, as well as temporary and permanent roadway striping, bearing pad replacements and traffic control and signage.
- New Face of the Central Terminal Area (CTA) – entails the installation of new roadway lights and light bands around the terminal buildings intended to enhance the appearance of the CTA.
- World Way South/Center Way Traffic Improvement – creates an additional lane from the World Way South transition to southbound Sepulveda Blvd., along with traffic signal upgrades and other related improvements that will improve the traffic flow at that intersection and the entire LAX CTA.
Peter MacKenna, Sterling’s Chief Executive Officer, commented, “We’re very excited to have been selected for this project, which represents an excellent example of how our business units can collaborate to capture attractive new opportunities. The Myers-Banicki joint venture proved to be a winning combination for the LAX project due, in part, to Myers’ favorable reputation among California-based heavy civil contractors along with its bridge and polyester concrete expertise, coupled with Banicki’s significant airport experience. The project was awarded using a construction-management-at-risk (CMAR) method, another of Banicki’s strengths, making it consistent with our strategy of diversifying our funding sources by pursuing alternative delivery projects. We look forward to working with LAWA as we make these important improvements to LAX, the sixth busiest airport in the world and third busiest in the United States.”
Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure projects in Texas, Utah, Nevada, Arizona, California and other states where there are construction opportunities. Its transportation infrastructure projects include highways, roads, bridges and light rail and its water infrastructure projects include water, wastewater and storm drainage systems.
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.