Tutor Perini

Tutor Perini Corporation
Public
Traded as NYSE: TPC
Russell 2000 Component
Industry construction
Founded 1894
Headquarters Sylmar, California, United States
Key people
 Ronald Tutor, CEO
Revenue USD 4.2 billion (as of 2013)
USD 87 million (as of 2013)
Number of employees
 approx. 10,000
Website www.tutorperini.com

Tutor Perini Corporation (formerly Perini Corporation) is one of the largest general contractors in the United States. At the end of 2013 it reported an annual revenue of approximately $4.2 billion. Tutor Perini is headquartered in Sylmar, California, and works on many construction projects throughout the United States and Canada. Specific areas of focus are civil infrastructure (bridges, highways, tunnels, airports, mass transit systems), building infrastructure (healthcare, education, municipal government, hospitality and gaming, multi-use, office towers, multi-unit residential towers, high-technology projects), and specialty contracting (electrical, mechanical, plumbing, heating, air conditioning and ventilation (HVAC), fire protection systems, concrete placement).

History

Perini was founded in 1894 in Ashland, Massachusetts by a stonemason named Bonfiglio Perini.[1] Under the direction of Bonfiglio's grandson, Lou Perini, the company moved into the real-estate business, developing 4,500 acres (1,800 ha) in Palm Beach County, Florida. Later real-estate ventures were less successful, leaving the company deeply in debt by the mid-1990s. In 1997, Perini recapitalized, passing control to a California-based investor group led by Los Angeles-based construction executive Ronald Tutor and investor Richard Blum.[2]

Perini was listed on the NYSE on April 1, 2004.

In 2003, Perini acquired Florida-based James A. Cummings.[3] In 2005, the company acquired Cherry Hill Construction, a Maryland-based contractor,[4][5] and California-based Rudolph & Sletten, Inc.[6] In January 2009, the corporation acquired Philadelphia-based building contractor Keating Building Corporation.[7]

Perini was headquartered in Framingham, Massachusetts until relocating to Sylmar, California in 2009.[8][9]

Richard Blum divested his Perini stock in 2005.[10] In May 2009, Perini shareholders voted to change the company's name to Tutor Perini Corporation.[11][12] Subsequent to its name change, Tutor Perini Corporation strengthened its focus towards expanding its geographical footprint throughout the United States. In order to facilitate this strategy, Tutor Perini issued $300 million of Senior Notes in October 2010.[13] Tutor Perini proceeded to acquire six companies over the next nine months. These acquisitions include:

November 1, 2010 - Superior Gunite, a structural concrete firm headquartered in Lakeview Terrace, CA.

January 3, 2011 – Fisk Electric, a provider of electrical and technological services headquartered in Houston, TX[14]

April 4, 2011 – Anderson Companies, a general contractor headquartered in Gulfport, MS

June 1, 2011 – Frontier-Kemper Constructors, a provider of numerous construction services including civil construction, mine development, drilling, tunneling, and electrical services headquartered in Evansville, IN

July 1, 2011 – Lunda Construction Company, provider of various construction services such as the construction, rehabilitation, and maintenance of bridges, railroads, and other civil structures headquartered in Black River Falls, WI

July 1, 2011 – GreenStar Services Corporation, an electrical and mechanical services provider that is composed of 3 operating entities: Five Star Electric Corporation, WDF, and Nagelbush

March 17, 2016 - After several smaller contracts at the Hudson Yards, Manhattan site, the company has been awarded contracts worth roughly $1.2 billion for the construction of Tower D and The Shops & Restaurants retail complex at the development.[15]

Divisions

References

  1. ↑ "Bonfiglio Perini: The Good Son" (PDF). pbworks.com. Retrieved February 1, 2018.
  2. ↑ Peter J. Howe (2007-05-23). "Cashing in". Globe 100. The Boston Globe. pp. 26–28.
  3. ↑ "James A. Cummings purchased for $20M". www.bizjournals.com. Retrieved 2018-06-20.
  4. ↑ Milani, Kate (January 21, 2005). "Cherry Hill Construction bought for $20M". www.bizjournals.com. Retrieved 2018-06-20.
  5. ↑ "Perini Corporation Completes Acquisition of Cherry Hill Construction, Inc". Retrieved 2018-06-20.
  6. ↑ "Perini Corporation Completes Acquisition of Rudolph and Sletten, Inc". Retrieved 2018-06-20.
  7. ↑ "CONFIRMED: Keating Building Co. sold to Perini Corp". Philly.com. Retrieved 2018-06-20.
  8. ↑ Ailworth, Erin; Wallack, Todd (2009-10-22). "Tutor Perini moving headquarters to LA". Boston.com. Retrieved 2018-06-20.
  9. ↑ "Building giant Tutor Perini moves to Sylmar". Daily News. 2009-10-20. Retrieved 2018-06-20.
  10. ↑ Byrne, Peter. "Blum'e Plums". The Byrne Report. Bomenian.com. Retrieved 7 August 2017.
  11. ↑ "Perini Shareholders Approve Name Change to Tutor Perini Corporation". Retrieved 2018-06-27.
  12. ↑ "Perini Gone, Still Synonymous With Consequential Damages | Construction Law Today". Construction Law Today. 2009-06-01. Retrieved 2018-06-27.
  13. ↑ "Tutor Perini buys Frontier-Kemper, to buy Lunda Construction". www.bizjournals.com. Retrieved 2018-06-27.
  14. ↑ "Tutor Perini Acquires Fisk Electric". For Construction Pros. Retrieved 2018-06-27.
  15. ↑ "Tutor Perini Wins Whopper of a Contract at NYC's Hudson Yards Project".
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