SYLMAR, Calif. -- Civil and building construction company, Tutor Perini Corporation (NYSE: TPC) (the "Company"), 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 through 2013. 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 employs over 1,450 professional staff and electricians.
Fisk is expected to operate as a wholly owned subsidiary of Perini and will continue to be managed by its current senior management team.
Tutor Perini 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. The company has provided construction services since 1894 and has a reputation within its markets for executing large, complex projects on time and within budget while adhering to strict quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, including the planning and scheduling of the manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including excavation, concrete forming and placement, steel erection, electrical and mechanical services, plumbing and HVAC.