Stocks In News: Granite Construction Incorporated (NYSE:GVA); CB&I (NYSE:CBI); Lydall, Inc. (NYSE:LDL)
Dallas, Texas, 10/06/2014 (ustrademedia) – Granite Construction Incorporated (NYSE: GVA) announced on 3rd October that it has won a contract worth $21 million from the City of Bakersfield. The contract involves the construction of a new flyover at the Hosking Avenue Interchange. The firm hopes to add this contract value to its third quarter account books. The contract also includes the demolition of the existing bridge in lieu of the building of new six lane highway. The funding of the project is being done via the Thomas Roads Improvement Program. The project is said to be result of combined planning of the local governments of City of Bakersfield, County of Kern, Caltrans and the Kern Council. Granite Construction Incorporated (NYSE: GVA) hopes to initiate the project in November 2014 and anticipates completing it by December 2015.
CB&I (NYSE:CBI) announced on 3rd October that it has been awarded a $200 million contract by Toyo Engineering Corp. The contract involves the supply of heating solutions equipment and fuel to operate the “PETRONAS’ Refinery and Petrochemicals Integrated Development (RAPID) project”. The project is located in Pengerang, Johor, Malaysia. CB&I (NYSE:CBI) is contracted to supply the “SRT® VII cracking heaters”. The heaters are expected to produce nearly 1.1 million metric tons of ethylene per year once it is fully operational.
Lydall, Inc. (NYSE:LDL) announced on 3rd October that it’s fully owned subsidiary Lydall Performance Materials will effect a across the board price increase for all its products which will shipped after January 1, 2015. The press note from the company management also noted that increase was necessitated by unsustainable increase in the input costs including in raw materials like “fibers, resins, energy, and freight.” The increase in price is slated to be in the range of 3 to 5 percent across the board. The firm also indicated that the impacted customers from the price increase would be contacted by their respective account managers.