Based in Jessup, Maryland, Cherry Hill is an established civil contractor operating in the Mid-Atlantic and Southeast regions with approximately $130 million in annual revenues. The Company specializes in excavation, foundations, paving and construction of civil infrastructure. Perini purchased 100% of the Cherry Hill's capital stock for approximately $20 million in cash.
Cherry Hill will operate as a wholly-owned subsidiary of Perini Corporation and Cherry Hill's senior management will continue in that role. In addition John A. Loftus, a Senior Vice President of Perini Corporation, will serve as President and CEO of Cherry Hill and David B. Openshaw, a 15-year veteran of Cherry Hill, will serve as Executive Vice President and General Manager.
"This acquisition extends Perini's civil construction presence into the Mid-Atlantic and Southeast regions and is expected to make a positive contribution to Perini's operating results in 2005," said Ronald N. Tutor, Perini's Chairman and CEO. "Cherry Hill's strong regional reputation as a `builder of choice' for heavy civil projects and its complementary client base make for an excellent strategic fit with Perini's existing operations."
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, preconstruction 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 and steel erection. We are known for our hospitality and gaming industry projects, sports and entertainment, educational, and healthcare facilities as well as large and complex civil construction projects.
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 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.