Perini Shareholders Approve Name Change to Tutor Perini Corporation
May 28 2009 - 4:01PM
Business Wire
Reflecting the successful integration of businesses following
its merger last year with Tutor-Saliba Corporation, Perini
Corporation (NYSE: PCR), a leading building, civil construction and
construction management company, today announced that its
shareholders have approved the change of the Company�s name from
Perini Corporation to Tutor Perini Corporation. In conjunction with
the name change, the Company�s trading symbol on the New York Stock
Exchange will be changed to TPC, effective June 1, 2009.
Chairman and CEO Ronald N. Tutor said, �This name change
reflects both the successful merger in 2008 with Tutor-Saliba
Corporation, which has positioned the Company to respond to
changing market conditions and capitalize on long-term growth
opportunities in civil infrastructure, as well as the ongoing
evolution of the Company�s business into a more integrated and
geographically diversified general contractor capable of leading
the industry in civil infrastructure and building markets, for both
public and private customers.�
Tutor Perini subsidiaries � Perini Building Company, Perini
Management Services, Rudolph and Sletten, James A. Cummings, Inc.,
Tutor-Saliba, Desert Plumbing and Heating, Powerco, Black
Construction, Cherry Hill Construction and the Company�s newest
acquisition, Keating Building Corporation � will continue to
operate under their respective names, which have proven to be
valuable assets for Tutor Perini�s customers.
In addition to the name change, shareholders also elected three
Class I directors to three-year terms, approved the selection of
Deloitte & Touche LLP as the Company�s auditors for the fiscal
year ending December 31, 2009, approved certain performance goals
and annual grant limitations under the 2004 Stock Option and
Incentive Plan, and approved the 2009 General Incentive
Compensation Plan.
About Tutor Perini Corporation
Tutor 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, pre-construction 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 excavation, concrete forming and
placement, steel erection, electrical and mechanical services,
plumbing and HVAC. We are known for our hospitality industry
projects, municipal offices, sports and entertainment, educational,
transportation, healthcare, biotech, pharmaceutical and high-tech
facilities, as well as large and complex civil construction
projects and construction management services to U.S. military and
government agencies.
FORWARD LOOKING STATEMENTS AND ADDITIONAL INFORMATION
The statements contained in this press 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, 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 Company's
ability to successfully and timely complete construction projects;
the Company�s ability to convert backlog into revenue; the
potential delay, suspension, termination, or reduction in the scope
of a construction project; the outcomes of pending or future
litigation, arbitration or other dispute resolution proceedings;
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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