Granite Acquires Additional Trenchless Rehabilitation Assets and Expertise
WATSONVILLE, Calif.--(BUSINESS WIRE)--May 22, 2019--
Granite Construction Incorporated (NYSE: GVA) announced today that it has further strengthened its position in the water and wastewater market by acquiring certain assets of Lametti & Sons, Inc. (“Lametti”), a Minnesota-based company with expertise in cured-in-place pipe (CIPP) rehabilitation and trenchless renewal. Lametti is one of the original certified installers of the Inliner® CIPP product. As part of this transaction, Granite acquired assets and equipment related to Lametti’s CIPP business.
“We are excited about the opportunities that this acquisition provides as we continue to build our capabilities and position ourselves as a national leader in the water and wastewater markets,” said Granite President and Chief Executive Officer James H. Roberts. “This is another step in the execution of our strategic plan which includes strong organic growth through our core business lines, acquisitions in the water and wastewater markets, and additional growth and geographical diversification in our vertically integrated business.”
“We are thrilled to formally welcome Lametti’s CIPP operations into the Granite Inliner family,” said Vice President of Granite Inliner, Denise McClanahan. “Lametti has been an integral part of our Inliner® CIPP network for 23 years and I am confident that this transition will be seamless for our customers and employees.”
This acquisition will become the Minnesota Area office of the Granite Inliner Division, a wholly-owned subsidiary of Granite Construction Incorporated, which includes operations based in Orleans, Indiana as well as 17 offices and more than 800 employees in the U.S. and Canada.
Through its offices and subsidiaries nationwide, Granite Construction Incorporated (NYSE: GVA) is a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite, America’s Infrastructure Company, is an award-winning firm in safety, quality and environmental stewardship, and has been honored as one of the World’s Most Ethical Companies by Ethisphere Institute for ten consecutive years. Granite is listed on the New York Stock Exchange and is part of the S&P MidCap 400 Index, the MSCI KLD 400 Social Index and the Russell 2000 Index. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook and Instagram.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190522005716/en/
Jacque Fourchy, 831-761-4741
Ronald Botoff, 831-728-7532
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA MINNESOTA
INDUSTRY KEYWORD: BUILDING SYSTEMS TRANSPORT OTHER TRANSPORT NATURAL RESOURCES OTHER NATURAL RESOURCES CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
SOURCE: Granite Construction Incorporated
Copyright Business Wire 2019.
PUB: 05/22/2019 05:30 PM/DISC: 05/22/2019 05:30 PM