Tutor Perini Corp., the general contracting giant resulting from the 2008 merger of Sylmar’s Tutor-Saliba Corp. and Boston’s Perini Corp., is set to announce Tuesday that its corporate headquarters will be consolidated in Sylmar. The move has the potential to add several hundred jobs here in the coming months.
The move to California is not unexpected since Tutor-Saliba co-founder Ron Tutor had been Perini’s chairman for eight years and eventually became chief executive of the combined companies. Tutor Perini has been listing Sylmar as its corporate headquarters in official statements since September.
The announcement, scheduled to be made by Los Angeles Mayor Antonio Villaraigosa at a morning press conference, represents a victory for Los Angeles, which has been losing major corporate headquarters consistently for the last 25 years. Tutor Perini trades on the New York Stock Exchange with $1.1 billion market cap and Monday closing stock price of $21.79.
Perini acquired privately held Tutor-Saliba in an $862 million stock deal. The combined company, which changed its name to Tutor Perini Corp. in May, has a global workforce of at least 7,000 people and posted $5.6 billion in revenue during 2008. Prior to the merger Tutor-Saliba had roughly 630 employees in Sylmar.
Tutor-Saliba had been the subject of frequent controversies over the years, including several lawsuits over the construction of the Metro Red Line subway in Los Angeles. Most of the lawsuits resulted in rulings in Tutor-Saliba’s favor.
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