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Newberg-Perini Awarded $300 Million Contract To Support Entire ComEd Nuclear Power `Fleet'.

FRAMINGHAM, Mass.--(BUSINESS WIRE)--Dec. 3, 1999--

Perini Corporation (AMEX:PCR) announced today that it had received a contract valued at $300 million from Commonwealth Edison Co. of Illinois, one of the nation's leading nuclear power generators, to supply construction management services for maintenance and modification work required for all of ComEd's nuclear plants for a five year period. Newberg/Perini, a division of Perini Corporation, will perform the work under an existing 50/50 joint venture with Stone & Webster, Incorporated in support of ComEd's nuclear services program.

Under the agreement, the Newberg/Perini and Stone & Webster team will provide construction, maintenance and support services to ComEd's Braidwood, Byron, Dresden, LaSalle and Quad Cities nuclear generating stations.

Newberg/Perini has worked for ComEd on their nuclear sites since the construction program started in the 1960's, providing construction and maintenance/modification services. Newberg/Perini, in joint venture with Stone & Webster of Boston, Massachusetts, is currently performing the maintenance/ modification contract at ComEd's Braidwood and Dresden nuclear sites.

Perini Corporation provides construction management and general contracting services to private industry as well as federal, state and local agencies throughout the United States and select international locations.

The statements contained in this Release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the Company's expectations, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements involve a number of risks, uncertainties or other factors that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statement. These risks and uncertainties include, but are not limited to, the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings; changes in federal and state appropriations for infrastructure projects; possible changes or developments in worldwide or domestic, social, economic, business, industry, market and regulatory conditions or circumstances; and actions taken or omitted to be taken by third parties including the Company's customers, suppliers, business partners, and competitors and legislative, regulatory, judicial and other governmental authorities and officials.
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Publication:Business Wire
Date:Dec 3, 1999
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