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Granite Awarded $18 Million Contract for University of California, Santa Cruz Renewal Project

BusinessWire_EN 
0 0 06.11.20
Granite Awarded $18 Million Contract for University of California, Santa Cruz Renewal Project: https://mms.businesswire.com/media/20191118005918/en/662198/5/Granite-Logo-Color.jpg
 

Granite (NYSE:GVA) announced today that it has been awarded a sub-contract by Swinerton for the University of California, Santa Cruz (UCSC) Kresge College Work Package #4. The $18 million contract is anticipated to be included in Granite's fourth quarter 2020 backlog.

This is the second project Granite has been awarded as part of UCSC’s multi-year Kresge College Renewal Project. Scope of work for Package #4 includes the construction of the retaining walls around four new buildings including the relocation of the sewer service, storm drain and detection cisterns, electrical power, and communications network. Granite will also renovate and update the North Bridge, a pedestrian walkway connecting the future academic plaza to Heller Drive.

“This is one of two campus projects designed to increase student enrollment while minimizing impacts to the local housing market,” said Granite Area Manager Penn Shortes. “We are pleased to continue our partnership with Swinerton and UCSC on their Kresge campus renewal project.”

Construction materials for the project including aggregates will be supplied by Granite’s nearby Felton Facility.

Construction is expected to begin in November 2020, and expected to conclude in early 2022.

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. In addition to being one of the World’s Most Ethical Companies for eleven consecutive years, Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit the Granite website, and connect with Granite on LinkedIn, Twitter, Facebook and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201105006004/en/

Granite Construction Stock

€51.00
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Based on 2 Buy predictions and 1 Sell predictions the sentiment towards Granite Construction is rather balanced.
As a result the target price of 58 € shows a slightly positive potential of 13.73% compared to the current price of 51.0 € for Granite Construction.
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