Tutor Perini Announces $799.5 Million Contract for the Southwest Light Rail Transit Project
MINNEAPOLIS--(BUSINESS WIRE)--Nov 19, 2018--Tutor Perini Corporation (NYSE: TPC), a leading civil, building and specialty construction company, today announced that a joint venture (JV) between its wholly owned subsidiary, Lunda Construction, and C.S. McCrossan has been awarded a contract valued at approximately $799.5 million by the Metropolitan Council for the Southwest Light Rail Transit project in Minneapolis. This major regional transportation project, the largest public infrastructure project in Minnesota’s history, consists of a 14.5-mile extension of the METRO Green Line and involves construction of new light rail infrastructure, including 44 bridges, two cut-and-cover tunnels and 16 new light rail stations.
“We are excited to be working with the Metropolitan Council on this significant project, which will bring substantial enduring benefits to the region’s economy,” commented Dennis Behnke, President and CEO of Lunda Construction.
Work is expected to commence in December 2018 with major construction ramping up in the spring of 2019. When the project was originally bid in May 2018, the contract duration was 42 months. The Lunda/McCrossan JV is currently discussing the construction schedule with the Metropolitan Council to determine a substantial completion date, based on the impacts that a later-than-anticipated contract award might have on various portions of the project. The contract value will be included in the Company’s fourth quarter 2018 backlog.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty 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.
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CONTACT: Tutor Perini Corporation
Jorge Casado, 818-362-8391
Vice President, Investor Relations & Corporate Communications
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA MINNESOTA
INDUSTRY KEYWORD: TRANSPORT PUBLIC TRANSPORT TRAVEL TRANSPORTATION URBAN PLANNING CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Tutor Perini Corporation
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PUB: 11/19/2018 06:00 AM/DISC: 11/19/2018 06:00 AM