Tutor Perini (TPC) said Monday its joint venture with O&G Industries won a $1.18 billion AirTrain Newark Replacement Program contract from the Port Authority of New York and New Jersey.
The companies will design and build a 2.5-mile elevated and automated train system, with three stations to replace the current AirTrain at Newark Liberty International Airport, Tutor Perini said.
Tutor Perini has a 75% share and O&G owns a 25% share in the project, while Parsons (PSN) will be the main design subcontractor for the project, it added.
The company's shares were up 6.8% in recent trading.
Price: 29.62, Change: +1.89, Percent Change: +6.82
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