Perini Corporation (PCR) Announces $100 Million Share Buyback Program
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Perini Corporation (NYSE: PCR) announced that its Board has authorized a program to repurchase up to $100 million of the Company's common stock over the next 12 months.
As of October 31, 2008, the Company had approximately 50.3 million shares of common stock outstanding.
"This repurchase program demonstrates the confidence that our Board of Directors and Senior Management have in the future of Perini and our belief that our shares are currently undervalued," said Ronald Tutor, Chairman and Chief Executive officer of Perini.
Perini Corporation is a leading construction services company offering diversified general contracting, construction management and design/build services to private clients and public agencies throughout the world.
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