Tutor Perini, a civil and building construction firm, declared that it has bought 100% ownership of an Indiana-based company, Frontier-Kemper Constructors.
The latter company offers construction services and associated products to the mining and tunneling industries.
Frontier-Kemper, headquartered in Evansville, Indiana, constructs tunnels for subways, railroads, rapid transit systems and highways. It also builds shafts, tunnels and other constructions needed by wastewater transport and water supply facilities. It installs hoisting systems in underground mines and provides vertical conveyance and elevator systems for the mining sector.
As per the terms of the accord, Tutor Perini has paid around $61 million to buy 100% shares of Frontier-Kemper and accepted $52 million of debt out of which $35 million was paid back at closing. Frontier-Kemper will function under its current name and will be controlled by its present management team.
Source: http://www.tutorperini.com/