WATSONVILLE, Calif., March 27 /PRNewswire-FirstCall/ -- Granite Construction Incorporated announced today the signing of a definitive agreement to acquire certain assets of The Superior Group of Companies ("Superior"), a Pacific Northwest-based construction materials producer and asphalt paving company for an estimated purchase price at closing of between $56.8 million and $59.8 million in cash. The acquisition is the latest step in the Company's geographic expansion strategy. The Company anticipates that the transaction will close within the next thirty days. James H. Roberts, Senior Vice President and Granite West Manager said, "This acquisition provides our Granite West business with a presence in the high growth market of central and eastern Washington and northern Oregon. As a strong player in the asphalt paving business, Superior fits strategically within our plan to expand our vertically integrated business throughout the West." Under the signed agreement, Granite will purchase certain assets of Superior, including 16 asphalt plants, approximately 50 million tons of permitted reserves (owned and lease-rights), construction equipment and rolling stock and all associated shops and buildings. Under the Company's recently announced organizational realignment, this acquisition will become a part of Granite West's Northwest Operating Group. Newly appointed Granite West Vice President, Jay McQuillen, will oversee the Northwest Operating Group, which includes operations located in the states of Washington, Oregon, Nevada, Idaho, Utah and Alaska. McQuillen has been with Granite for 21 years and has served as the Branch Manager of the Southern California Branch since 2000. Granite, a member of the S&P 400 Midcap Index, the Domini 400 Social Index and the Russell 2000, is one of the nation's largest diversified heavy civil contractors and construction materials producers. Granite Construction serves public and private sector clients through its offices nationwide. For the 4th straight year, Granite was named to FORTUNE'S List of 100 Best Companies to Work For. For more information about the company, please visit their website at http://www.graniteconstruction.com/. This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represents our management's beliefs and assumptions concerning future events such as statements related to the existence of bidding opportunities and economic conditions on the Company's future results. Additionally, forward-looking statements include statements that can be identified by the use of forward- looking terminology such as "believes," "expects," "appears," "may," "will," "should," "look for," or "anticipates," or the negative thereof or comparable terminology, or by discussions of strategy. All such forward-looking statements are subject to risks and uncertainties that could cause actual results of operations and financial condition and other events, as well as the timing thereof, to differ materially from those expressed or implied in such forward-looking statements. Specific risk factors include, without limitation, changes in the composition of applicable federal and state legislation appropriation committees; federal and state appropriation changes for infrastructure spending; the general state of the economy; job productivity; accuracy of project estimates; weather conditions; competition and pricing pressures; and state referendums and initiatives. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. You should also understand that many important factors in addition to those discussed, referred to or incorporated by reference in this press release, could cause our results to differ materially from those expressed in the forward-looking statements. In light of these risks and uncertainties, it is important to be aware that the forward-looking events discussed in this release may not occur. We undertake no obligation to revise or update publicly any forward-looking statements to conform the statement to actual results or changes in the Company's expectations. For further information regarding risks and uncertainties associated with Granite's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operation" and "Risk Factors" sections of Granite's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting Granite's investor relations department at (831) 724-1011 or at Granite's website at http://www.graniteconstruction.com/. DATASOURCE: Granite Construction Incorporated CONTACT: Jacque Underdown, +1-831-761-4741 Web site: http://www.graniteconstruction.com/

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