Sterling Announces a $216 Million Transportation Solutions Design-Build Award
THE WOODLANDS, TX
July 21, 2023
Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that Ralph L. Wadsworth Construction Company, LLC (RLW), together with its joint venture partner W.W. Clyde & Co., Inc., has been awarded a $216 million design-build contract for the Bangerter South Highway Interchanges Project by the Utah Department of Transportation (UDOT). RLW is the Managing Partner of the joint venture with 55% share. The award will be included in June 30, 2023 backlog.
The Bangerter South Highway Interchanges Project is part of the Utah Department of Transportation’s multi-year capital program to improve traffic flow and safety on one of Utah’s most heavily traveled North-South Corridors. The scope of the award includes three interchanges, bringing the total number of interchanges awarded to RLW under this capital program to twelve. Design will start immediately with bridge construction and other work beginning in the fall/winter 2023. The project is estimated to complete by the end of 2025.
“We are pleased UDOT has again selected us a trusted partner for another phase of this critical infrastructure project”, stated Joe Cutillo, Sterling’s CEO. “Our core Rocky Mountain region remains very active, driven by population growth, state-level funding, and contributions from the Infrastructure Bill. We remain focused on the pursuit of differentiated, higher-margin alternative delivery highway work, driving the ongoing transformation of our Transportation Solutions business.”
Sterling Infrastructure, Inc., (“Sterling,” “the Company,” “we,” “our” or “us”), a Delaware corporation, operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and Rocky Mountain regions and Hawaii. E-Infrastructure Solutions provides advanced, large-scale site development services for manufacturing, data centers, e-commerce distribution centers, warehousing, energy and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, rail and storm drainage systems. Building Solutions projects include residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs and other concrete work. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Caring for our people and our communities, our customers and our investors – that is The Sterling Way.
Joe Cutillo, CEO, “We build and service the infrastructure that enables our economy to run, our people to move and our country to grow.”
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Sterling Infrastructure, Inc.
Noelle Dilts, VP of Investor Relations and Corporate Strategy