Granite Construction Inc. announced on September 19 its decision to retain the Water Resources and Mineral Services businesses that were previously classified as held for sale and reported in discontinued operations. The financial results for these businesses will be reported within continuing operations, and their assets and liabilities will no longer be classified as held for sale.
Layne Christensen, A Granite Company that offers well drilling, pump sales and service, well rehabilitation, and water treatment services and NGWA contractors member, is under the Water Resources and Mineral Services businesses.
“Although we saw significant interest in the Water Resources and Mineral Services businesses, current market conditions undermined our efforts to secure appropriate value for the businesses,” states Kyle Larkin, Granite president and CEO. “Both businesses have performed very well this year, supported by strong underlying market demand which remains resilient.
“The ongoing drought concerns across much of the country, coupled with the strong demand for mineral resources, makes us optimistic about the outlook for these businesses. Our teams’ ability to identify and develop new water sources and deliver potable water to communities complements our civil construction business.”
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