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|Traded as||NYSE: TPC|
Russell 2000 Component
|Ronald Tutor, CEO|
|Revenue||US$4.76 billion (2017)|
|US$154.5 million (2017) |
|Total assets||US$4.26 billion (2017) |
Number of employees
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).
Albert G. Tutor began the A. G. Tutor Company Inc. in 1949 and the company grew throughout the century under Albert’s son, Ronald Tutor. In 1972 the Tutor Company partnered with N.M. Saliba and became Tutor-Saliba.
Perini Corporation was founded in 1894 in Ashland, Massachusetts by a 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 Perini deeply in debt by the mid-1990s. In 1997, Ron Tutor helped Perini Corp. recapitalize alongside investor Richard Blum. Tutor became CEO of Perini in 2000 and merged Perini with Tutor-Saliba in 2008.
Perini was listed on the NYSE on April 1, 2004.
Richard Blum divested his Perini stock in 2005.
In May 2009, Perini shareholders voted to change the company's name to Tutor Perini Corporation. Tutor Perini issued $300 million of Senior Notes in October 2010. Tutor Perini proceeded to acquire six companies over the next nine months.
In 2003, Perini acquired Florida-based James A. Cummings. In 2005, the company acquired Cherry Hill Construction, a Maryland-based contractor, and California-based Rudolph & Sletten, Inc. In January 2009, the corporation acquired Philadelphia-based building contractor Keating Building Corporation.
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
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.
Tutor Perini has gained a reputation for low balling government contracts only to later increase prices at the expense of the taxpayer, along with other corrupt business practices:
Since 2000 Tutor Perini has costed the state of California $765 million in additional unexpected costs on 11 different projects. This is mostly due to California law which requires the lowest bid to be selected.
In 2002, after an expansion at San Francisco International Airport went over budget by $360 million, City Attorney Dennis Herrera sued Tutor Perini for fraud and attempted to have it banned from bidding on city projects.
In March 2011, after a four-week trial a federal jury in Brooklyn found Zohrab B. Marashlian, the former president of Perini Corp.’s Civil Division, guilty of fraud and conspiracy to launder money. Tutor Perini had paid Marashlian $14 million during the investigation and trial. However Marashlian committed suicide Two days before he was to receive a prison sentence. A fellow employee is currently serving time in prison for the same case.
In April 2018, Tutor Perini had deliberately substituted weaker rails than those specified in the San Francisco construction contract, so the city ordered Tutor Perini to rip out much of the steel track it had already laid down. The San Francisco Examiner reported that this is likely to delay the opening of the subway and that Tutor Perini may file additional claims to recoup their costs.
Richard C. Blum, the husband of California Senator Dianne Feinstein, made large investments in Tutor Perini. Allegations of collusion between Feinstein and Blum assert that Feinstein used her government position to award contracts to companies Blum had invested in, which allowed the couple to personally profit from the deals.
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- Peter J. Howe (2007-05-23). "Cashing in". Globe 100. The Boston Globe. pp. 26–28.
- "Merger Pays Off Big For Perini CEO | Ron Tutor secures more than $500M". Worcester Business Journal. Retrieved 2018-11-15.
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- Byrne, Peter. "Blum'e Plums". The Byrne Report. Bomenian.com. Retrieved 7 August 2017.
- Ailworth, Erin; Wallack, Todd (2009-10-22). "Tutor Perini moving headquarters to LA". Boston.com. Retrieved 2018-06-20.
- "Building giant Tutor Perini moves to Sylmar". Daily News. 2009-10-20. Retrieved 2018-06-20.
- "Perini Shareholders Approve Name Change to Tutor Perini Corporation". Retrieved 2018-06-27.
- "Perini Gone, Still Synonymous With Consequential Damages | Construction Law Today". Construction Law Today. 2009-06-01. Retrieved 2018-06-27.
- "Tutor Perini buys Frontier-Kemper, to buy Lunda Construction". www.bizjournals.com. Retrieved 2018-06-27.
- "James A. Cummings purchased for $20M". www.bizjournals.com. Retrieved 2018-06-20.
- Milani, Kate (January 21, 2005). "Cherry Hill Construction bought for $20M". www.bizjournals.com. Retrieved 2018-06-20.
- "Perini Corporation Completes Acquisition of Cherry Hill Construction, Inc". Retrieved 2018-06-20.
- "Perini Corporation Completes Acquisition of Rudolph and Sletten, Inc". Retrieved 2018-06-20.
- "CONFIRMED: Keating Building Co. sold to Perini Corp". Philly.com. Retrieved 2018-06-20.
- "Tutor Perini Corporation Annual Report 2013" (PDF). Retrieved 14 November 2018.
- "Tutor Perini Acquires Fisk Electric". For Construction Pros. Retrieved 2018-06-27.
- "Tutor Perini Acquires Frontier-Kemper, To Buy Lunda". RTTNews. Retrieved 2018-11-14.
- "Tutor Perini Wins Whopper of a Contract at NYC's Hudson Yards Project".
- Elinson, Zusha (August 11, 2012). "Low bid on subway station could cost SF". SFGate.
- Bosselman, Andy (June 18, 2018). "Bay Area subway and rail costs: Why are they among the highest in the world?". Curbed SF.
- Marzulli, John; Kates, Brian. "Construction exec commits suicide two days before sentencing for $19M federal highway fraud". New York Daily News.
- Rodriguez, Joe Fitzgerald (May 10, 2018). "City says Central Subway contractor laid down 3.2 miles of the wrong kind of track, prompting new delay". The San Francisco Examiner.
- Shoup, Laurence H. "Richard C. Blum and Dianne Feinstein: The Power Couple of California - FoundSF". FoundSF.