Tutor Perini to acquire Lunda
6 June 2011Tutor Perini announced on Thursday that it had signed a letter of intent to purchase a 100 per cent share of Lunda Construction Company.
"Lunda Construction is one of the most successful civil contractors in the United States,” said Ronald Tutor, chairman and CEO of Tutor Perini. “[This decision] represents our expansion into the Midwestern markets. They have a resume of experience which complements our operations, and we in turn will be in a position to support their growth objectives in their existing markets."
The final price will be subject to an adjustment based on the net worth of Lunda when the deal is closed.
Lunda will continue to operate under the current company name and will continue to be managed by its current senior management team said a Tutor Perini spokesperson. Larry Lunda will remain as president and CEO.
