Granite sells final TIC stake to Kiewit

Granite Construction has sold its remaining shares in industrial contractor TIC Holdings to Kiewit Corporation.

Granite initially acquired a stake in the Colorado, US-based company in 1996, but has been reducing its interest since 2000. The final divestment will see TIC, which has sales of some US$ 2 billion per year, become a wholly-owned subsidiary of Kiewit.

The terms of the deal were not disclosed, but Granite says it will book a US$ 14.4 pre-tax gain in its accounts for the fourth quarter of 2008. Contingent on certain factors, the company may also record an additional pre-tax gain of US$ 2.9 million in the second quarter of 2010.