Perini Plans to Purchase Local Builder

MIAMI-Perini Corp. is expanding into the Southeast region with the planned acquisition of James A. Cummings Inc., a privately-held construction company based in Fort Lauderdale. Framingham, MA-based Perini, a publicly traded company specializing in building, civil construction and construction management, has signed a definitive agreement to acquire 100% of James A. Cummings Inc.’s stock for $20 million in cash, subject to terms and conditions, including lender approval.

James A. Cummings Inc., which builds schools, public and commercial facilities, has annual revenue of approximately $100 million and more than 300 employees in the Southeast region.

Under the agreement, James A. Cummings Inc. will operate as a wholly owned subsidiary of Perini Corp. and will be managed by its senior management team. James A. Cummings will be CEO of James A. Cummings Inc. and will become a director of Perini Corp., which has annual revenue in excess of $1 billion.