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.
Copyright Business Wire 2014