Keating Building Corporation Acquired by Perini Corporation, Creates East Coast Construction Powerhouse
15 Janeiro 2009 - 8:10PM
PR Newswire (US)
Leverages Keating's $860 Million Project Pipeline and Market
Relationships PHILADELPHIA, Jan. 15 /PRNewswire/ -- Keating
Building Corporation, the privately held construction, management
and design/build company, today announced that it has been acquired
by Perini Corporation (NYSE:PCR), for $43 million in cash plus a
portion of the operating results for 2009 - 2011. Perini, a leading
building, civil construction and construction management company,
gains an immediate foothold in the Mid-Atlantic region and further
leverages Keating's anticipated fiscal year 2008 revenues of
approximately $425 million and $860 million project pipeline.
Keating Building Corporation will operate as a wholly owned
subsidiary of Perini Corporation and will continue to be managed by
its current senior management team. "This is a defining step for
our company and our market," said Daniel J. Keating III, President
and CEO. "Backed by the broad resources of Perini, we are in
position to be a true East Coast construction powerhouse, combining
the two organizations' best-in-class building processes, broad
geographic reach and strong industry relationships." Based in
Philadelphia and covering the major construction markets of the
Northeast and Mid-Atlantic states, Keating Building Corporation has
grown since its founding in 1976 to become one of the largest
general building contractors in its market. It has completed a
number of high-profile projects in the corporate, gaming,
hospitality, education, pharmaceutical and institutional markets.
It is currently licensed to provide construction services in
Pennsylvania, Connecticut, New Jersey, Delaware, Maryland, Florida,
Virginia, Texas and the District of Columbia. Ronald N. Tutor,
Perini's Chairman and CEO, said: "We are very pleased to announce
this transaction, which expands our building construction market
presence in the Eastern half of the United States, including the
important Northeast and Mid-Atlantic regions. We expect to realize
significant synergies from the acquisition by deploying Keating's
resources in the regional gaming, hospitality and public works
building markets in the Eastern U.S." About Keating Building
Corporation Founded in 1976, Keating Building Corporation is the
full-service contracting, construction management, and design/build
arm of the Keating Organization. Its client base spans the
government, corporate, institutional, R&D/industrial, and
gaming and hospitality industries. Headquartered in Philadelphia,
Pennsylvania, the company has more than 250 employees. It has
completed more than 1000 construction projects totaling more than
$8 billion. It is currently involved in a number of high-profile
projects including the expansion of the Pennsylvania Convention
Center, rebuilding Philadelphia's famed 30th Street Post Office;
and construction of the Hyatt Regency in Penn's Landing, the
Phoenix on Philadelphia's Love Park, and involved in the
construction of the Philadelphia Eagles' Lincoln Financial Field.
The company anticipates fiscal year 2008 revenues of approximately
$425 million and an $860 million project pipeline. Keating Building
Corporation now operates as a wholly owned subsidiary of Perini
Corporation but continues to be managed under the leadership of
Daniel J. Keating, III. As Chairman/CEO, Mr. Keating oversees
operations of the firm and is supported by a team of senior
managers. The company is structured to provide each project with
senior leadership in key disciplines. About Perini Corporation
Perini Corporation is a leading construction services company
offering diversified general contracting, construction management
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. 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 sitework, concrete forming and placement, steel erection,
and electrical and mechanical, plumbing and HVAC. We are known for
our hospitality and gaming industry projects, municipal offices,
sports and entertainment, educational, transportation, healthcare,
biotech, pharmaceutical and high-tech facilities, as well as large
and complex civil construction projects and construction management
services to U.S. military and government agencies. The statements
contained in this Release that are not purely historical are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934 including, without limitation, statements regarding the
Company's expectations, hopes, beliefs, intentions or strategies
regarding the future. These forward-looking statements are based on
the Company's current expectations and beliefs concerning future
developments and their potential effects on the Company. There can
be no assurance that future developments affecting the Company will
be those anticipated by the Company. These forward-looking
statements involve a number of risks, uncertainties (some of which
are beyond the control of the Company) or other assumptions that
may cause actual results or performance to be materially different
from those expressed or implied by such forward-looking statements.
These risks and uncertainties include, but are not limited to; the
future performance of Keating Building Corporation, the ability to
realize the expected synergies resulting from the acquisition in
the amounts or in the timeframe anticipated; the ability to
integrate Keating Building Corporation's businesses into those of
the Company in a timely and cost efficient manner; the potential
delay, suspension, termination, or reduction in scope of a
construction project; the continuing validity of the underlying
assumptions and estimates of total forecasted project revenues,
costs and profits and project schedules; the outcomes of pending or
future litigation, arbitration or other dispute resolution
proceedings; the availability of borrowed funds on terms acceptable
to the Company; the ability to retain certain members of
management; the ability to obtain surety bonds to secure its
performance under certain construction contracts; possible labor
disputes or work stoppages within the construction industry;
changes in federal and state appropriations for infrastructure
projects; possible changes or developments in worldwide or domestic
political, social, economic, business, industry, market and
regulatory conditions or circumstances; and actions taken or not
taken by third parties, including the Company's customers,
suppliers, business partners, and competitors and legislative,
regulatory, judicial and other governmental authorities and
officials. The Company undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws. Keating Building
Corporation: Perini Corporation: Hugh Braithwaite Robert Band (215)
564.3200 x111 President and Chief Operating Officer (508) 628-2295
DATASOURCE: Keating Building Corporation CONTACT: Hugh Braithwaite
of Keating Building Corporation, +1-215-564-3200, x111, ; or Robert
Band, President and Chief Operating Officer of Perini Corporation,
+1-508-628-2295
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