Tutor Perini Corporation (NYSE:TPC)
Tutor Perini Corporation previously announced that it has completed the acquisition of Lunda Construction Company ("Lunda").
To view click here http://www.crwenewswire.com/?p=113891
Established in 1938, Lunda is in the top tier of heavy civil contractors engaged in the construction, rehabilitation and maintenance of bridges, railroads, and other civil structures in the Midwest and throughout United States. Headquartered in Black River Falls, Wisc., Lunda has three operating divisions located in six offices in Wisconsin and Minnesota and has worked in 30 states across the United States. Lunda has over 600 employees and a current backlog of approximately $400 million. Revenues were approximately $400 million in fiscal year ended December 31, 2010.
Under the terms of the transaction, Tutor Perini acquired 100% of Lunda’s stock for $163.5 million, consisting of $141.8 million in cash at closing and $21.7 million in notes payable in five years, plus a structured earnout based on the achievement of certain profitability targets for the next three years.
Also, TPC has acquired GreenStar Services Corporation (“Greenstar”), one of New York’s largest providers of Electrical and Mechanical services and systems.
GreenStar is primarily comprised of three operating entities: Five Star Electric Corporation and WDF, Inc., which are located in New York, and Nagelbush Mechanical, which is located in Florida.
The Freedom Tower, the New York Mets Stadium, Citi Field, Time Warner, Goldman Sachs, Miami's Regency Hotel, New York Hospital as well as major transportation and environmental projects such as South Ferry Terminal and Whitehall Ferry, Owls Head and Jamaica Bay Water Treatment Facilities are just a few of GreenStar's signature assignments.
GreenStar has over 1,900 employees and has a current backlog of approximately $1.2 billion. Revenues in fiscal year 2010 were approximately $560 million.
Under the terms of the transaction, Tutor Perini acquired GreenStar through a merger with a wholly-owned subsidiary of Tutor Perini for an initial purchase price of $208.4 million, plus a structured earnout based on the achievement of certain profitability targets over the next five years.
The purchase price consists of $100 million in cash paid at closing, a $74.9 million promissory note issued at closing and $33.5 million of holdbacks to secure certain indemnification obligations. The note is payable no later than October 31, 2011.
Tutor Perini Corporation is a leading civil and building construction company offering diversified general contracting and design/build services to private clients and public agencies throughout the world. They have provided construction services since 1894 and have established a strong reputation within their markets by executing large complex projects on time and within budget while adhering to strict quality control measures.
For more information about GreenStar Services Corporation please visit http://www.greenstarcorp.com/
For more information about Tutor Perini Corporation please visit http://www.tutorperini.com/
JA Solar Holdings Co., Ltd. (NASDAQ:JASO)
JA Solar Holdings Co., Ltd. has entered into a definitive agreement to acquire 100% ownership interest in Silver Age Holdings Limited, a British Virgin Islands company that owns 100% of Solar Silicon Valley Electronic Science and Technology Co., Ltd. ("Solar Silicon Valley"), a leading producer of solar wafers based in China, in a transaction that values Solar Silicon Valley at approximately US$180 million (the "Transaction").
To view click her http://www.crwenewswire.com/?p=113824
Located in the Yanjiao Economic & Technology Development Zone in Langfang City, Hebei Province, Solar Silicon Valley operates a wafer production facility with an annual production capacity of 485MW.
Also, Solar Silicon Valley produces quartz crucibles, a key consumable material used in the solar manufacturing industry.
Silver Age Holdings Limited is 70% owned by Jinglong Group, a company controlled by JA Solar's Chairman, Mr. Baofang Jin, and 30% owned by an independent third party shareholder.
JA Solar will issue 30.901 million ordinary shares as consideration at a price of US$5.825 per share, representing the 45-day volume-weighted average price of JA Solar's ADSs trading on the NASDAQ Global Market and approximately a 5% premium to the last closing price of the ADSs prior to this announcement. Each ADS of JA Solar represents one ordinary share.
The consideration for the acquisition represents approximately 2.6 times the audited net income of Solar Silicon Valley for 2010.
Upon completion of the transaction, JA Solar's internal wafer capacity will be increased to approximately 785MW, ensuring a stable supply of low-cost wafers. As wafer costs constitute a significant part of JA Solar's total cost of manufacturing solar cells, enhanced internal wafer capacity will allow JA Solar to improve gross margins and benefit from vertical integration.
JASO and Solar Silicon Valley are also expected to benefit from synergies arising from economies of scale, raw material sourcing efficiencies as well as operational optimization.
JA Solar Holdings Co., Ltd. is a leading manufacturer of high-performance solar power products. The company sells its products to solar manufacturers worldwide, who assemble and integrate solar cells into modules and systems that convert sunlight into electricity for residential, commercial, and utility-scale power generation.
For more information about JA Solar Holdings Co. please visit http://www.jasolar.com/
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