Sterling Awarded a $25.3 Million Design-Build Bridge Project by the Utah Department of Transportation
July 09 2020 - 8:00AM
Business Wire
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling”
or “the Company”) today announced that its subsidiary, Ralph L
Wadsworth Construction, LLC (“RLW”) was selected by the Utah
Department of Transportation (“UDOT”) to construct a bridge in Salt
Lake County.
The $25.3 million project entails the design and construction of
a new bridge that will extend Porter Rockwell Boulevard across the
Jordan River, three canals, and over the Union Pacific Railroad and
Utah Transit Agency rail lines. This bridge will provide a new
connection between I-15 and State Route 68/Redwood Road, two of the
most travelled North-South corridors in Utah. Upon completion, it
will be the tallest bridge in the Salt Lake City Metropolitan Area.
Construction is scheduled to begin this fall and is expected to be
completed in the summer of 2022.
“We are very pleased to once again be working with UDOT on an
important transportation infrastructure project that will relieve
congestion and ease the commute for motorists in the Salt Lake City
area,” stated Joe Cutillo, Sterling’s CEO. “The Porter Rockwell
Boulevard bridge job complements the extensive work we are already
doing in the area, which we view as indicative of our strong
reputation for project performance and safety. This job is
especially attractive as it allows us to deliver greater value by
marrying our unique capabilities in both bridge design and
construction. Pursuing and winning design-build projects is
consistent with our strategy to enhance Sterling’s overall
profitability by adding higher margin, lower risk work to our heavy
civil backlog.”
Sterling Construction Company, Inc. operates through a variety
of subsidiaries within three operating groups specializing in heavy
civil, specialty services, and residential projects in the United
States (the “U.S.”), primarily across the southern U.S., the Rocky
Mountain States, California and Hawaii, as well as other areas with
strategic construction opportunities. Heavy civil includes
infrastructure and rehabilitation projects for highways, roads,
bridges, airfields, ports, light rail, water, wastewater and storm
drainage systems. Specialty services projects include construction
site excavation and drainage, drilling and blasting for excavation,
foundations for multi-family homes, parking structures and other
commercial concrete projects. Residential 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/20200709005240/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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