Sterling Construction to divest 50% stake in Myers & Sons Construction

On November 30, 2022, Sterling Infrastructure entered into an agreement and sold the company’s 50% ownership interest in its partnership with Myers & Sons Construction L.P. for $18M in cash. In accordance with the Agreement’s payment terms, the company is to receive $12M by early 2023 and a series of three $2M payments due by various dates in 2023, 2025, and 2027. The divestiture is consistent with the company’s strategy of reducing its portfolio of low-bid heavy highway projects in order to increase the company’s margins and of focusing on its strategic geographies. "This transaction enables us to continue advancing in areas aligned with our strategic vision," stated Joe Cutillo, Sterling’s Chief Executive Officer. "Myers operations are largely outside our primary areas of focus with respect to project type and geography. The proceeds from this divestiture further enhance our future investment in strategic growth areas."