Jan 4 2011
Tutor Perini Corporation (NYSE: TPC) (the "Company"), a leading civil and building construction company, today announced that it has completed the acquisition of Fisk Electric Company ("Fisk"), a privately held electrical construction company, with fiscal year 2010 revenues of approximately $305 million and a backlog of $190 million.
Under the terms of the transaction, the Company acquired 100% of Fisk's stock for $105 million in cash plus an amount to be determined based upon Fisk’s operating results for 2011-2013. The Company stated that the transaction will be financed using proceeds from the bond transaction closed in October 2010.
Fisk is based in Houston and covers many of the major commercial and industrial electrical construction markets in Southwest and Southeast locations with abilities to cover other attractive markets nationwide. Fisk's expertise in the design development of electrical and technology systems for major projects spans a broad variety of project types including: commercial office buildings, sports arenas, hospitals, research laboratories, hospitality and casinos, convention centers, and industrial facilities. Fisk provides value-added participation with development teams including contractors, engineers, architects and owners during the design phase and construction phase of projects. Fisk brings nearly 100 years of continuous operation experience as an electrical and technology contractor to each project it undertakes. Fisk prides itself on being able to deliver the highest quality work on schedule by engaging its resources in a controlled, focused process. Fisk employs over 1,450 professional staff and electricians.
Fisk is expected to operate as a wholly-owned subsidiary of the Company and will continue to be managed by its current senior management team.
Ronald N. Tutor, the Company’s Chairman and CEO, said: “We are very pleased to announce this transaction, which expands our nationwide electrical construction capabilities. We expect to realize significant synergies and opportunities in support of our non-residential building and civil operations.”
Source: http://www.perini.com/