WATSONVILLE, Calif., Mar 17, 2010 (BUSINESS WIRE) -- Granite Construction Incorporated (NYSE: GVA) announced today that the joint-venture team composed of Granite Construction Northeast Inc. and Skanska USA has been awarded a $542 million contract by the Port Authority of New York and New Jersey to build the new Port Authority Trans-Hudson (PATH) train station at the site of the World Trade Center. The new station will be part of the PATH system that links New Jersey to lower Manhattan. Granite's share of the contract is 20 percent, or approximately $108 million. Granite will book the project into backlog during the first quarter of 2010.
Scope of the work includes the placement of all cast-in-place concrete to construct four rail platforms, completion of the east/west connector and the West Street underpass as well as the installation of the heating, ventilation and air-conditioning systems; plumbing, fire protection and architectural finishes. Granite and Skanska are also responsible for constructing the PATH station's concrete roof, which is an integral part of the new World Trade Center Memorial Plaza.
Work on the project is scheduled to begin this month with an estimated completion date of May 2014. The PATH trains around the construction site will remain in operation throughout the duration of the project.
Granite Construction Incorporated is a member of the S&P 400 Midcap Index, the FTSE KLD 400 Social Index and the Russell 2000 Index. Granite Construction Company, a wholly owned subsidiary, is one of the nation's largest diversified heavy civil contractors and construction materials producers. Granite Construction Company serves public- and private-sector clients through its offices and subsidiaries nationwide. For more information about Granite, please visit its Web site at www.graniteconstruction.com.
SOURCE: Granite Construction Incorporated
Granite Construction Incorporated
Jacque Fourchy, 831-761-4741 (Investors)
Copyright Business Wire 2010