Sterling Construction (STRL) Nabs $65M Contract for Multiple Airport Projects

October 11, 2016 8:54 AM EDT

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Sterling Construction Company, Inc. (Nasdaq: STRL) announced that its subsidiaries, Ralph L. Wadsworth Construction Company, LLC (“RLW”) and J. Banicki Construction, Inc. (“Banicki”) have been awarded $65 million in projects in Utah and Arizona.

The first project, located at Salt Lake City International Airport, is valued at nearly $34 million and consists of all concrete work associated with the Terminal, South Concourse West, Gateway Buildings and associated tunnels. Construction will begin in December of 2016 and is expected to be completed within 2 years.

The second project award, also at Salt Lake City International Airport, is valued at approximately $17 million. The project scope is part of the deep foundation package and includes more than 225,000 linear feet of concrete-filled steel pipe piles ranging in depth from 60 to 120 feet. Construction is scheduled to start in December of 2016 and is expected to be completed by the summer of 2017.

The remaining airport projects are located mainly at Phoenix Sky Harbor International Airport in Arizona and have a combined value of more than $14 million. The scope of work on these projects consists of the removal and replacement of the north side of Terminal 4, which is one of the busiest taxiways at Sky Harbor Airport. The project will overlap the current American Airlines re-gating project and is expected to take 13 months to complete.

Paul J. Varello, Sterling’s Chief Executive Officer, commented, “We are very pleased to have been selected for these important airport projects in Utah and Arizona. These new awards exemplify our strategic focus and help us increase our backlog and track record in the aviation infrastructure market. We plan to aggressively pursue similar projects in the coming years as air travel continues to grow across the country.”



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