Granite Subsidiary Announces Exclusive Distribution Partnership with Stockholm Precision Tools AB

WATSONVILLE, Calif. – Granite (NYSE:GVA) announced today that its wholly-owned subsidiary, International Directional Services, LLC (IDS), is now the exclusive distributor of Stockholm Precision Tools AB (SPT) Downhole Gyro Survey Tools within the United States minerals and civil construction markets. The SPT line of downhole gyro survey tools is now available for rent providing IDS customers a greater selection of tools and brands from a single source.

The companies share a 15-year history that spans IDS’s operations in the US, Mexico, and Canada. SPT is heavily focused on market-leading research, development and manufacturing while IDS provides customers with exceptional services and rental support. With IDS becoming the exclusive US distributor for SPT, both companies are well positioned to grow market share in the United States’ minerals and civil construction markets.

“Today’s agreement between SPT and IDS strengthens and advances our positions in the USA market enabling us to compete with our full range of market-leading downhole survey tools creating a valuable proposition to customers that will be difficult to ignore,” said SPT CEO Orlando Ramirez commenting on today’s announcement. “The technology expertise and leading position of SPT combined with the US market presence and expertise of IDS will allow customers to improve their drilling process, reduce costs, and improve results.”

About Granite

Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the Company and its more than 7,000 employees to uphold the highest ethical standards. In addition to being one of the World’s Most Ethical Companies for ten consecutive years, Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook, and Instagram.

View source version on Granite Construction: https://investor.graniteconstruction.com/press-releases/2019/11-21-2019