Granite Secures $173 Mln US Defense Contract

(RTTNews) - Granite Construction Incorporated, (GVA), on Wednesday, said that it received a contract worth approximately $173 million from the U.S. Army Corps of Engineers (USACE), to construct various elements along the Sacramento River in California.

The Weir Widening Project will be funded by the Emergency Supplemental Appropriations in the Bipartisan Budget Act of 2018. The contract will start in July and is scheduled to end in December 2026.

The project is designed to reduce flooding risk across the Sacramento River by decreasing the water elevation. The company will widen the Weir and construct a new fish passage and fish ladder facility along with a vehicular bridge that will connect Old River Road to just north of West Sacramento.

"By expanding the Weir and bypass, we will be able to reduce regional flood risk and provide important protections for our community and the environment.", commented Carter Rohrbough Granite Vice President of Regional Operations.

Tuesday, the stock closed at $37.90 on the Nasdaq, up 6.82 percent or $2.42.