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Sterling and W.W. Clyde & Co. Joint Venture Awarded $141 Million Progressive Design-Build Project in Utah
THE WOODLANDS, Texas--(BUSINESS WIRE)-- Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that a joint
About this update from Sterling Infrastructure, Inc.
[{"type":"text","content":" THE WOODLANDS, Texas--(BUSINESS WIRE)--\nSterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that a joint venture between Sterling’s subsidiary, Ralph L. Wadsworth Construction Company, LLC (“RLW”/49% interest) and W.W. Clyde & Co. (“Clyde”/51% interest), have been selected by the Utah Department of Transportation (“UDOT”) to design and perform the reconstruction work on Bangerter Highway in Salt Lake County, Utah. The design finalization and execution of the project is estimated to approximate $141 million.\n\n\nThis project consists of converting the intersections of 6200 South, 104000 South, and 12600 South into grade separated interchanges from traffic signals. Each of the three interchanges will include a bridge, retaining walls, earthwork, concrete paving, drainage, signals, and utility work.\n\n\nJoe Cutillo, Sterling’s CEO commented, “The selection of our joint venture with Clyde by UDOT for this major alternative delivery highway project is representative of our strategy to pursue heavy highway awards where we can deliver greater value to the project owner through our extensive design-build capabilities. Bangerter Highway is one of the most heavily traveled North-South corridors in Utah, especially through Salt Lake County, the most populous county in the state. Traffic signals on this stretch of highway have begun to cause major traffic congestion and unsafe and inefficient conditions for motorists. Converting these existing traffic signals to interchanges will allow for increased vehicular traffic, better traffic flow, and improved safety for drivers. Another focus of ours is to perform this work while not disrupting the nearly 60,000 vehicles that travel on this road daily. We have had a long teaming relationship with Clyde and we welcome the opportunity to once again work with UDOT, an organization we have a great relationship with, as evidenced by our recent project awards.”\n\n\nThe Clyde and RLW joint venture estimates the project will employ hundreds of people with construction scheduled to begin in Spring 2020 and anticipates the completion of the project by the end 2021. Sterling anticipates booking its 49% portion of the total contract value award, or approximately $69 million, in its first quarter 2020 backlog.\n\n\nSterling, a Delaware corporation, is a constr...