Tutor Perini Corp., Sylmar, Calif., has purchased Fisk Electric Co. for $105 million in cash and an undetermined amount based on future results. Privately held Fisk notes 2010 revenues of about $305 million and a $190-million project backlog, although both dropped this year. The firm has worked with Tutor Perini on several projects, including the $8.5-billion City-Center in Las Vegas. It will operate as a wholly owned Tutor Perini unit, with existing senior managers remaining in place. Publicly owned Tutor Perini had $2.51 billion in revenue for the first nine months of 2010, down 38.3% from $4.07 billion a year prior, according to the U.S. Securities and Exchange Commission. “This strategy increases the ability to self-perform work and therefore generates slightly higher margins on contracts,” says Avram Fisher, analyst with BMO Holdings, New York City.
Tutor-Perini Buys Fisk Electric To Expand Self-Perform Options
January 5, 2011