WATSONVILLE, Calif.--(BUSINESS WIRE)--First paragraph, second sentence of release should read: The four contracts, totaling approximately $119 million, will be booked into backlog as individual task orders are issued.
The corrected release reads:
GRANITE SUBSIDIARY AWARDED $119 MILLION IN SEWER RENEWAL CONTRACTS IN CHICAGO
Granite Construction Incorporated (NYSE:GVA) announced today that Kenny Construction Company (“Kenny”), a wholly-owned subsidiary, has been awarded four sewer renewal contracts by the City of Chicago. The four contracts, totaling approximately $119 million, will be booked into backlog as individual task orders are issued.
The contracts are part of a multi-year program to renew Chicago’s aging brick sewers. The city of Chicago has over 4,600 miles of sewer, and renews approximately 50 miles of 8-inch to 48-inch diameter sewer pipes and 5,000 sewer structures annually.
Kenny will be responsible for the cured-in-place pipe (CIPP) lining, and CIPP structure lining for two years with a one-year optional extension. CIPP lining and structure lining extends the life of hydraulically adequate sewers at lower cost than excavating and replacing sewers in the streets and is less disruptive to vehicular and pedestrian traffic during construction.
The project is funded by the City of Chicago and Illinois Environmental Protection Agency. Construction is scheduled to begin in the second quarter of 2016 with an estimated completion date of May 2019.
Through its offices and subsidiaries nationwide, Granite Construction Incorporated (NYSE:GVA) is one of the nation’s largest infrastructure contractors and construction materials producers. Granite specializes in complex infrastructure projects, including transportation, industrial and federal contracting, and is a proven leader in alternative procurement project delivery. Granite is an award-winning firm in safety, quality and environmental stewardship, and has been honored as one of the World’s Most Ethical Companies by Ethisphere Institute for seven consecutive years.
Granite is listed on the New York Stock Exchange and is part of the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000 Index. For more information, visit graniteconstruction.com.