Perini Shareholders Approve Name Change to
Tutor Perini Corporation - NYSE Trading Symbol TPC
Framingham, MA (May 28, 2009) Reflecting the successful integration of businesses following its merger last year with Tutor-Saliba Corporation, Perini Corporation (NYSE: PCR), a leading building, civil construction and construction management company, today announced that its shareholders have approved the change of the Company’s name from Perini Corporation to Tutor Perini Corporation. In conjunction with the name change, the Company’s trading symbol on the New York Stock Exchange will be changed to TPC, effective June 1, 2009.
Chairman and CEO Ronald N. Tutor said, “This name change reflects both the successful merger in 2008 with Tutor-Saliba Corporation, which has positioned the Company to respond to changing market conditions and capitalize on long-term growth opportunities in civil infrastructure, as well as the ongoing evolution of the Company’s business into a more integrated and geographically diversified general contractor capable of leading the industry in civil infrastructure and building markets, for both public and private customers.”
Tutor Perini subsidiaries — Perini Building Company, Perini Management Services, Rudolph and Sletten, James A. Cummings, Inc., Tutor-Saliba, Desert Plumbing and Heating, Powerco, Black Construction, Cherry Hill Construction and the Company’s newest acquisition, Keating Building Corporation — will continue to operate under their respective names, which have proven to be valuable assets for Tutor Perini’s customers.
In addition to the name change, shareholders also elected three Class I directors to three-year terms, approved the selection of Deloitte & Touche LLP as the Company’s auditors for the fiscal year ending December 31, 2009, approved certain performance goals and annual grant limitations under the 2004 Stock Option and Incentive Plan, and approved the 2009 General Incentive Compensation Plan.