SYLMAR, Calif.--(Business Wire)--
Tutor Perini Corporation (NYSE: TPC), a leading civil and building construction
company, today announced that it has entered into a civil settlement agreement
with the United States Department of Justice that resolves all outstanding
issues for the Company related to a federal investigation into subcontracts
between the Company`s Civil Division and certain minority-owned and
disadvantaged-owned business enterprises on construction projects in the New
York City area between 1998 and 2003.
The Company has fully cooperated with the government throughout its
investigation. In December, 2008, the U.S. Attorney`s Office in the Eastern
District of New York informed Tutor Perini that no criminal charges would be
brought against the Company in connection with the investigation. The Company
has reinforced its policies and procedures to ensure compliance with statutory
and contractual requirements concerning the utilization of business enterprises
owned by minorities and the disadvantaged. Under the civil settlement agreement,
the Company will pay $9.75 million to the Department of Justice. This amount was
fully expensed in prior years and will have no material impact on Tutor Perini`s
2009 financial results.
About Tutor Perini Corporation
Tutor Perini Corporation 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. 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 excavation, concrete
forming and placement, steel erection, electrical and mechanical services,
plumbing and HVAC. We are known for our major complex building project
commitments as well as our capacity to perform large and complex transportation
and heavy civil construction for government agencies and private clients
throughout the world.
Kekst and Company
Douglas Kiker, 212-521-4800
or
Tutor Perini Corporation
Ken Burk, 818-362-8391
Executive Vice President & Chief Financial Officer
www.tutorperini.com
Copyright Business Wire 2009
