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Thursday, May 30, 2024

Tutor Perini Lands $3 Billion Contract

Tutor Perini Corp. has received a $3 billion contract from the New York City Department of Design and Construction to build a jail in Brooklyn.

The Sylmar-based construction company will begin work on the new facility upon receipt of a notice to proceed, which it expects to receive in June.

Ron Tutor, the chief executive of the company, said it was pleased to have been selected by the New York City Department of Design and Construction for the project.

“We look forward to partnering with them to deliver a new state-of-the-art facility that will enable DDC’s historic plan to close Rikers Island and replace it with a smaller network of safer modern jails,” Tutor said.

The contract will be included in the second-quarter backlog, according to the company.

Shares in Tutor Perini closed up 40 cents, or just more than 7.5 percent, to $5.70 on the New York Stock Exchange, on a day when the Dow Jones closed down a fraction of a percent.

James Brock
James Brock
James Brock has worked in newsrooms around the world, including in New York, Paris, Abu Dhabi, Dubai, Houston, and Los Angeles. He began his career with a Newhouse News daily, where he served on the news desk and the editorial page. He was the copy chief for The New York Sun, and founded and edited the personal finance section for Abu Dhabi-based The National, among other positions. He has interviewed Anthony Bourdain, Tom Ford, Mark Cuban, and many other individuals, and has written and edited thousands of stories and articles.

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