Tutor Perini Joint Venture Selected for $985 Million California High-Speed Rail Design-Build Contract
SYLMAR, Calif.--(BUSINESS WIRE)-- Tutor Perini Corporation (NYS: TPC) , a leading civil and building construction company, today announced that its joint venture's bid, valued at approximately $985 million, was recently identified by the California High-Speed Rail Authority (Authority) as the "apparent best value" for the design and construction of the initial Madera to Fresno segment of the California high-speed rail system. The Authority's Board of Directors is expected to approve the design-build contract for this project in the coming weeks. Once the contract is awarded, Tutor Perini's portion of the contract value will be added to the Company's backlog.
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. Initial work on this project is planned to begin by July 2013. The project is anticipated to create more than 1,000 construction jobs per year over its four-year duration.
Ron Tutor, Chairman and CEO of Tutor Perini, said, "We are very pleased to be selected for the design and construction of the nation's first high-speed rail project. Our team brings expert resources and a long history of successfully completed mega-scale rail and transit projects. This project will lay the groundwork for California's new modern transportation infrastructure while providing a much-needed economic boost to the Central Valley."
For more information about the California High-Speed Rail project, visit www.cahighspeedrail.ca.gov.
About Tutor Perini Corporation
Tutor 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.
Tutor Perini Corporation
Jorge Casado, 818-362-8391
Director, Investor Relations
KEYWORDS: United States North America California Texas
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