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 reported 2010 revenue 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 CityCenter in Las Vegas. Based in Houston, Fisk 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
Bovis Lend Lease has agreed to a $5-million settlement with the city to settle a civil case contending that the firm had overcharged it on more than 100 municipal projects over the past decade, says a Jan. 5 announcement by Mayor Michael R. Bloomberg. According to the announcement, Bovis charged the city for overtime and extra pay to foremen on jobs “for which they had not worked.” Bloomberg and city Dept. of Investigation Commissioner Rose Gill Hearn said the case was based on an analysis of records “and practices” on more than 100 city-funded jobs that Bovis had managed between
Bovis Lend Lease has agreed to a $5-million settlement with the city to settle a civil case contending that the firm had overcharged it on more than 100 municipal projects over the past decade, says a Jan. 5 announcement by Mayor Michael R. Bloomberg. According to the announcement, Bovis charged the city for overtime and extra pay to foremen on jobs “for which they had not worked.” Bloomberg and city Dept. of Investigation Commissioner Rose Gill Hearn said the case was based on an analysis of records “and practices” on more than 100 city-funded jobs that Bovis had managed between
JONES He was remembered as a “prickly” corporate leader, but Edwin L. Jones Jr. built contractor J.A. Jones, founded by his grandfather, into an industry heavyweight before selling it to a German conglomerate that eventually collapsed under debt, forcing the U.S. firm into bankruptcy and a fire sale in 2003. Jones died on Dec. 26, 2010, in Charlotte, N.C., at age 89. Following a family tradition, Jones assumed the J.A. Jones presidency in 1959 and became chairman in 1971. The firm grew into a construction powerhouse, with projects ranging from the National Gallery of Art in Washington, D.C., to launch
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 reported 2010 revenue 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 CityCenter in Las Vegas. Based in Houston, Fisk 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
Global engineering and construction firms are optimistic about market and bottom line improvements in 2011, but they are being realistic about remaining obstacles in the way of profitable growth, says the latest annual survey of 140 CEOs and other top executives by Swiss-based financial and business consultant KPMG International. + Image + Image The survey, titled “Adapting to an Uncertain Environment” and released late last year, reports that nearly half the respondents say company backlogs will rise next year—driven by either pent-up owner and consumer demand, expansion into new market sectors such as power or moves into new geographies such
Jacobs Engineering Group Inc. announced Dec. 22 plans for a major acquisition that would expand the firm into new market areas such as mining and new geographies such as South America. Related Links: Jacobs Engineering website Aker Solutions website Jacobs said it has reached agreement to acquire some process and construction business units from Oslo, Norway-based engineer-contractor Aker Solutions ASA, for $675 million in cash. The deal is set to close in the second quarter of 2011. Jacobs says the acquisition would "significantly expand global presence in the mining and metals market; provide a new geographic region with South America;
SHAW Robert L. Shaw Jr., a vice president and board member of Detroit-based engineer-architect SmithGroup and director of its Dallas office Smith Group/F&S, died on Dec. 2 of pancreatic cancer. He was 56. Shaw joined the firm in 2009 following its acquisition of Dallas-based F&S Partners, of which he had been president. Shaw assumed that role in 2008 after 30 years with the firm. He also was the former president of the American Institute of Architects’ Dallas Chapter in 1993 and served in leadership roles in the Texas Society of Architects and the Dallas-Fort Worth chapter of the Council for
Ohio architect Karlsberger Inc. plans to continuing pursuing a claim for $1.3 million in unpaid fees on a $1-billion hospital project at Ohio State University, in the wake of a Dec. 6 ruling by a state claims court judge that dismissed its 2009 suit against the school. Photo: Ohio State U. 1-million-sq-foot hospital addition will cost $1 billion The Columbus-based firm is seeking compensation for completed work after the university terminated it on its 1-million-sq-ft ProjectONE cancer care and medical center. The firm, which was replaced in its role on the project by HOK, the job’s master planner, had also
A decade after taking over the ironworkers’ union at a particularly low point in its history, General President Joseph J. Hunt, 68, is stepping down, expressing confidence that the union now is one of the most “transparent and progressive” in the building trades. Replacing him—as of Feb. 1 in an expected succession—will be Walter Wise, general secretary since 2008. The union has 125,000 members, according to a spokesman. Hunt took over the top post of the Washington, D.C.-based International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers in 2001, several months after the resignation of his predecessor, Jake West,
