Knife River Awarded $112 Million Project in Texas
‘Big 6' project provides pull-through of nearly 1 million tons of construction materials
Knife River Corporation (NYSE:KNF) announced today that it has been awarded a $112 million materials and paving project in Texas.
Known locally as "Big 6," the State Highway 6 improvement project in the Bryan/College Station area started this month and is expected to be completed in 2030. A 12-mile stretch of the highway is being reconstructed and widened from four lanes to six, enhancing capacity for commuters, freight and emergency evacuation routes in this high-growth market. Knife River's Texas operation is an asphalt and paving subcontractor to Fluor Corporation on the $671 million Texas Department of Transportation project.
"State Highway 6 serves as a vital north-south artery for Bryan/College Station, Texas A&M University and Brazos County," said Rodney McCarn, President of Knife River's Texas operations. "We're uniquely positioned in the market with an upgraded asphalt plant and internal access to high-quality aggregates by rail – and our team is excited to put both to work for the community."
The Big 6 project calls for Knife River to provide approximately 928,000 tons of hot-mix asphalt for the widened roadway, upgraded interchanges, reconfigured auxiliary lanes and new shared paths for bicycles and pedestrians. In addition to asphalt and paving, Knife River has an opportunity to provide sand, MSE backfill and base course to Fluor Corporation on an as-needed basis throughout the project.
"This project is tailor-made for us," said Brian Gray, Knife River President and CEO. "It fits our mission of supporting the infrastructure buildout in our mid-size, high-growth markets. It leverages our vertically integrated supply chain and pulls through higher margin paving materials. It is a publicly funded project backed by TxDOT and IIJA. And it will keep our talented aggregates, asphalt and paving team members in Texas working year-round. We're looking forward to supporting the strong growth in Texas on this project and others for years to come."
About Knife River
Knife River Corporation, a member of the S&P MidCap 400 index, mines aggregates and markets crushed stone, sand, gravel and related construction materials, including ready-mix concrete, asphalt and other value-added products. Knife River also performs vertically integrated contracting services, specializing in publicly funded DOT projects and private projects across the industrial, commercial and residential space. For more information about the company, visit www.kniferiver.com.
Forward-Looking Statement
The information in this release includes certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained in this release, including, but not limited to, statements about Knife River's scope of work, materials tonnages, margins, vertically integrated supply chain and growth in Texas, are expressed in good faith and are believed by Knife River to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. There can be no assurance that the actual results or developments anticipated by Knife River will be realized or, even if substantially realized, that they will have the expected consequences to or effects on Knife River or its business or operations. For a discussion of important factors that could cause actual results to differ materially from those expressed in the forward-looking statements, refer to Item 1A-Risk Factors in Knife River's Form 10-K and most recent Form 10-Q. All forward-looking statements in this release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, Knife River does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise.
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