Perini Corporation Completes Acquisition of Rudolph and Sletten, Inc.
October 04 2005 - 3:49PM
Business Wire
Perini Corporation (NYSE:PCR), a leading building, civil
construction and construction management company, today announced
that it has completed the previously announced acquisition of
Rudolph and Sletten, Inc. Based in Redwood City, California,
Rudolph and Sletten is an established building contractor and
construction management company with approximately $700 million in
annual revenues. The Company specializes in corporate campuses,
healthcare, biotech, pharmaceutical, and high-tech projects. Perini
purchased 100% of Rudolph and Sletten's capital stock for
approximately $53 million in cash. Rudolph and Sletten will operate
as a wholly owned subsidiary of Perini Corporation. Martin
Sisemore, former Rudolph and Sletten Chief Operating Officer,
Southern California, will be the President and CEO of Rudolph and
Sletten and the senior management team will remain in place. "This
acquisition expands Perini's building construction operations in
the Western United States and is expected to make an immediate
positive contribution to Perini's operating results," said Ronald
N. Tutor, Perini's Chairman and CEO. "Rudolph and Sletten's
excellent reputation as a quality contractor for major building
projects and its experienced management team make for an excellent
strategic fit with Perini's existing operations." About Perini
Corporation Perini Corporation is a leading construction services
company offering diversified general contracting, construction
management and design-build services to private clients and public
agencies throughout the world. We have provided construction
services since 1894 and have established a strong reputation within
our markets by executing large complex projects on time and within
budget while adhering to strict quality control measures. We offer
general contracting, preconstruction planning and comprehensive
project management services, including the planning and scheduling
of the manpower, equipment, materials and subcontractors required
for a project. We also offer self-performed construction services
including sitework, concrete forming and placement and steel
erection. We are known for our hospitality and gaming industry
projects, sports and entertainment, educational, and healthcare
facilities as well as large and complex civil construction
projects. For more information about Perini Corporation, please
visit our website at http://www.perini.com. The statements
contained in this Release that are not purely historical are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 including, without limitation, statements regarding the
Company's expectations, hopes, beliefs, intentions or strategies
regarding the future. These forward-looking statements are based on
the Company's current expectations and beliefs concerning future
developments and their potential effects on the Company. There can
be no assurance that future developments affecting the Company will
be those anticipated by the Company. These forward-looking
statements involve a number of risks, uncertainties (some of which
are beyond the control of the Company) or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by such forward-looking statements.
These risks and uncertainties include, but are not limited to, the
future performance of Rudolph and Sletten, Inc., the potential
delay, suspension, termination, or reduction in scope of a
construction project; the continuing validity of the underlying
assumptions and estimates of total forecasted project revenues,
costs and profits and project schedules; the outcomes of pending or
future litigation, arbitration or other dispute resolution
proceedings, including the possible settlement of the litigation
with holders of the Company's $21.25 Preferred Stock; the
availability of borrowed funds on terms acceptable to the Company;
the ability to retain certain members of management; the ability to
obtain surety bonds to secure its performance under certain
construction contracts; possible labor disputes or work stoppages
within the construction industry; changes in federal and state
appropriations for infrastructure projects; possible changes or
developments in worldwide or domestic political, social, economic,
business, industry, market and regulatory conditions or
circumstances; and actions taken or not taken by third parties,
including the Company's customers, suppliers, business partners,
and competitors and legislative, regulatory, judicial and other
governmental authorities and officials. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
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