Sterling Awarded $122.7 Million Design-Build Project In Utah Featuring Accelerated Bridge Construction
THE WOODLANDS, TX
March 25, 2021
Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced its subsidiary, Ralph L. Wadsworth Construction Company, LLC, has been selected by the Utah Department of Transportation (“UDOT”) to renew portions of I-80 and I-215, two major highways in the Salt Lake Valley, to provide improved transportation for both local and interstate travel. The project is scheduled to commence in May 2021 and will take approximately two years to complete.
This project consists of the removal and replacement of existing concrete pavement, the design and replacement of four bridge structures, and widening and adding lanes to portions of the highway. Two of the bridges will be constructed utilizing Accelerated Bridge Construction (“ABC”), a construction method that involves the use of advanced technologies to assemble a bridge offsite and then transport it to a project site for installation.
Joe Cutillo, Sterling’s CEO commented, “This sizeable project gives us the opportunity to showcase our highly differentiated Accelerated Bridge Construction capabilities. ABC is of great value to project owners as it dramatically shortens the amount of time it takes to replace an existing bridge, which translates into substantially reduced traffic impacts and inconvenience to motorists in the area around a job site. Additionally, ABC substantially improves work zone safety for both drivers and contractor personnel and minimizes environmental impact, relative to conventional bridge construction methods.”
Mr. Cutillo continued, “We are pleased that UDOT has selected us to continue our work in the Salt Lake City area. The stretches of I-80 and I-215 that we’ll be working on run through rapidly growing suburbs in Salt Lake County, where increasing vehicular usage and winter weather have significantly worn the roadway surfaces. Once completed, this project will improve both traffic flow and safety for motorists traveling throughout the region. The design-build aspect of this project significantly reduces the risk on larger scale jobs, which is an important aspect of our overall strategy to reduce risk while improving margins. We are looking forward to starting on this important project later this Spring and look forward to providing updates on our progress in the coming quarters.”
Sterling Construction Company, Inc. operates through a variety of subsidiaries within three segments 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.
Sterling Construction Company, Inc.
Ron Ballschmiede, Chief Financial Officer
Investor Relations Counsel:
The Equity Group Inc.
Fred Buonocore, CFA 212-836-9607
Mike Gaudreau 212-836-9620