Tutor Perini Corporation (NYSE:TPC), a leading civil and building construction company, today announced that its joint venture has executed a contract with the California High-Speed Rail Authority (Authority) for the design and construction of the initial Madera to Fresno segment of the California high-speed rail system. The contract is valued at approximately $985 million, plus an additional $53 million in provisional sums. Tutor Perini is the managing partner of the joint venture team, which includes Zachry Construction Corporation of San Antonio, Texas and Parsons Corporation of Pasadena, California.
Ronald Tutor, Chairman and CEO of Tutor Perini, said, “We are truly excited to be building the groundwork for America’s first high-speed rail system and look forward to working with the Authority to deliver a high-quality project that will modernize California’s transportation system and support economic growth.”
Tutor Perini’s portion of the contract value, approximately $500 million, will be included as part of the Company’s reported third-quarter backlog.
About Tutor Perini CorporationTutor Perini Corporation is a leading civil and building construction company offering diversified general contracting 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. For more about Tutor Perini, please visit www.tutorperini.com. About Zachry Construction Corporation Rooted in 85 years of experience, Zachry Construction Corporation was formed in 2008 in a realignment of the Zachry family enterprise. The company’s legacy includes more than 5,500 public and private sector projects across the country and around the world. From the Dallas “High Five” Interchange to the U.S. Embassy in Moscow, Zachry Construction Corporation builds structures that matter. For more about Zachry, please visit www.zachryconstructioncorp.com. About Parsons Corporation Parsons, celebrating nearly 70 years of growth in the engineering, construction, technical, and professional services industries, is a leader in many diversified markets with a focus on transportation, environmental/infrastructure, defense/security, and resources. Parsons delivers design/design-build, program/construction management, construction, and other professional services packaged in innovative alternative delivery methods to federal, regional, and local government agencies, as well as to private industrial customers worldwide. For more about Parsons, please visit www.parsons.com.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts