Granite Construction divests its Water Resources and Mineral Services businesses
In March 2022, Granite Construction Inc. (Granite Construction) completed the sale of its Inliner division, a trenchless and pipe rehabilitation services business, to Inland Pipe Rehabilitation for $159.7 million. The sale follows the company’s statement earlier in March that it would be divesting its water and mineral services group to refocus on its core business of civil construction and asphalt and aggregate materials business. Granite Construction will use funds from the sale to pay debt, repurchase shares and strengthen its vertically-integrated businesses.
New Activity|StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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