| Type | Public |
|---|---|
| Traded as | NYSE: TPC |
| Industry | construction |
| Founded | 1894 |
| Headquarters | Sylmar, California, United States |
| Key people | Ron Tutor, CEO |
| Revenue | USD 3.2 billion (as of 2010[update]) |
| Net income | USD 104 million (as of 2010[update]) |
| Employees | 3,062 |
| 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 2010 it reported an annual revenue of approximately $3.2 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, healthcare, power, and hospitality & gaming projects.
Contents |
Perini was founded in 1894 by an Italian-American stonemason named Bonfiglio Perini. 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 Ron Tutor and investor Richard Blum.[1]
Perini was listed on the NYSE on April 1, 2004. Later that year it acquired Cherry Hill Construction, a contractor in Maryland, and in 2003 it acquired Florida-based James A. Cummings and in 2005, California-based Rudolph & Sletten, Inc.. In January 2009, the corporation acquired Philadelphia-based building contractor Keating.
While Perini maintained headquarters in Framingham, Massachusetts it commonly bid on many heavy construction projects in Massachusetts. The corporation is now headquartered in Sylmar, California. The company is heavily involved in civil infrastructure, as well as construction for the gaming and hospitality industries.
In May 2009, Perini shareholders voted to change the company's name to Tutor Perini Corporation. 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. Tutor Perini proceeded to acquire six companies over the next nine months. These acquisitions include:
November 1, 2010 - Superior Gunite, an industry leader in pneumatically placed structural concrete headquartered in Lakeview Terrace, CA.
January 3, 2011 – Fisk Electric, a provider of electrical and technological services headquartered in Houston, TX
April 4, 2011 – Anderson Companies, a general contractor with expertise in gaming, hospitality, commercial, government, healthcare, industrial, and educational facilities 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, one of New York’s largest providers of electrical and mechanical services that is composed of 3 operating entities: Five Star Electric Corporation, WDF, and Nagelbush