Sterling Awarded a Hawaii Department of Transportation Airport Project Valued at Approximately $21 Million
April 10 2019 - 9:00AM
Business Wire
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling”
or “the Company”) today announced that its subsidiary, Road and
Highway Builders, LLC (“RHB”) was awarded a $21 million project
from the Airports Division of the Hawaii Department of
Transportation to perform 40,000 tons of asphalt paving work on the
runway at the Lanai Airport on the Hawaiian island of Lanai. In
addition, RHB will also construct four concrete helicopter aprons.
The project is expected to commence during the fourth quarter of
2019 with a construction duration of approximately six months.
Lanai Airport is located three miles southwest of Lanai City on
the island of Lanai. The airport has a single runway and primarily
serves scheduled interisland and commuter air traffic. As the only
airport serving the island of Lanai, the majority of RHB’s work
will be done at night in order for the runway to remain open for
travelers.
Joe Cutillo, Sterling’s CEO commented, “The selection of RHB for
this airport project is consistent with our corporate strategy to
pursue adjacent market opportunities where we can utilize
Sterling’s specialized capabilities for higher margin project work.
While RHB has developed a strong reputation through traditional
heavy highway work, their local market knowledge combined with
other Sterling subsidiary expertise in airfield construction is
indicative of our overall growth plan. The Lanai Airport project is
unique in nature as there are no asphalt or aggregate plants on the
island, requiring a portable asphalt plant to be relocated there.
Our experience operating in Hawaii will allow for ample aggregate
supply to ensure a timely upgrade of the main runway for this
important tourist destination.”
Sterling, a Delaware corporation, is a construction company that
specializes in heavy civil infrastructure construction and
infrastructure rehabilitation as well as residential construction
projects, primarily in Arizona, California, Colorado, Hawaii,
Nevada, Texas, Utah and other states in which there are feasible
construction opportunities. 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. Residential construction projects include concrete
foundations for single-family homes.
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/20190410005201/en/
Sterling Construction Company, Inc.Ron Ballschmiede, Chief
Financial Officer281-214-0800
Investor Relations Counsel:The Equity Group Inc.Fred
Buonocore, CFA 212-836-9607Kevin Towle 212-836-9620
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