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Tutor Perini Announces Accelerate Maryland Partners Will Not Proceed with the Maryland Express Lanes Project
Rhea-AI Impact
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Rhea-AI Summary
Tutor Perini Corporation (NYSE: TPC) announced that Accelerate Maryland Partners LLC will not proceed with the Maryland Express Lanes Project, initially awarded to Tutor Perini as the design and construction contractor in September 2022. This multi-billion-dollar project was part of the New American Legion Bridge I-270 Traffic Relief Plan. While the Company acknowledges the setback, it remains optimistic about potentially pursuing the project again in the future.
Positive
Potential future opportunity to pursue the Maryland Express Lanes Project.
Negative
Loss of a multi-billion-dollar contract with Accelerate Maryland Partners for the Maryland Express Lanes Project.
NEW YORK--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that it has been advised that Accelerate Maryland Partners LLC (“AM Partners”) will no longer be proceeding with the Maryland Express Lanes Project (previously referred to as Phase 1 South of the New American Legion Bridge I-270 Traffic Relief Plan). The Company announced in September 2022 that it had been selected by AM Partners as the design and construction contractor for this multi-billion-dollar project. The Company believes that it may have an opportunity to pursue this project again at a future date.
For further details regarding AM Partners’ decision, please refer to Transurban’s press release, which can be found here.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict quality control measures. With a particular expertise in large transportation and mass-transit projects, Tutor Perini works collaboratively with customers to optimize project designs that further minimize and reduce impacts.
What is the recent announcement by Tutor Perini Corporation regarding the Maryland Express Lanes Project?
Tutor Perini announced that Accelerate Maryland Partners will no longer proceed with the Maryland Express Lanes Project, which the company was contracted to design and construct.
When was Tutor Perini selected for the Maryland Express Lanes Project?
Tutor Perini was selected as the design and construction contractor for the Maryland Express Lanes Project in September 2022.
What does Tutor Perini Corporation do?
Tutor Perini Corporation is a leading civil, building, and specialty construction company offering diversified contracting and design-build services.
How might the decision by AM Partners affect Tutor Perini's stock?
The loss of the Maryland Express Lanes Project contract could negatively impact Tutor Perini's stock performance due to the significant revenue associated with the project.
