The 2002 Globe 100
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3. P E R I N I C O R P .
Framingham contractor rebuilds after rocky times
ollowing some rocky times and after shedding an albatross-like real estate portfolio, Perini Corp. of Framingham is back.
Number three on The Globe 100 for 2001, up from 11 in 2000, the general contracting and construction management company achieved a 40.5 percent increase in revenue, to $1.55 billion, and a 42.23 percent return on average equity.
"It generally reflects a strong turnaround performance in 2000 and 2001," said president and chief operating officer Robert Band. "Sticking to our knitting in construction has really paid off for Perini."
The company is in both buildings and civil infrastructure, with emphasis on gaming and hospitality complexes, sports venues, and education, health care, and corrections facilities.
Despite some difficulties on one piece of the Big Dig, Perini is busy in New York and New Jersey with light-rail, roadway, and bridge projects. More than 100 years old, Perini built much of the Massachusetts Turnpike Extension from Route 128 to Boston in the 1960s, as well as one-fifth of the Alaskan oil pipeline, and half of a $468 million air base in Israel.
"I'd have to say the company has done well," Band said. "We've avoided the transition-type issues some companies have. We've stayed in the same place, employing pretty much the same people."
Perini is not paying dividends even on its preferred stock, with managers choosing to reinvest and increase the company's size. Perini employs 750 people full time and between 2,500 and 4,000 worldwide, depending on the stages its projects are in.
THOMAS C. PALMER JR.