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Haobo News
2013-03-18Granite Construction Completes Acquisition of Assets of Superior Group WATSONVILLE, Calif. (AP) -- Granite Construction Inc., a provider of heavy construction services for airports, bridges highways and other large-site projects, on Tuesday said it completed its acquisition of assets of construction-materials provider Superior Group of Cos. Granite has said the deal is worth between $56.8 million and $59.8 million in cash, subject to post-closing adjustments. The deal includes 16 asphalt plants, about 50 million tons of permitted reserves, construction equipment and rolling stock and all associated shops and buildings, all in the Pacific Northwest. Granite Construction first announced the deal on March 27. At the time, it said the acquisition helped it expand throughout the West. The assets will become a part of Granite West's Northwest Operating Group. Shares fell 54 cents in to $56.65 during aftermarket electronic trading, after rising $2.60, or 4.8 percent, to close at $57.19 on the New York Stock Exchange. The stock has traded between $37.35 and $63.73 during the past 52 weeks.
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