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Turner to Acquire Tompkins, Former Subsidiary of J.A. Jones Construction Company
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01/16/2005
NEW YORK- Turner Construction Company, a whollyowned subsidiary of The Turner Corporation, the nation's leading general builder, today announced that it acquired assets of J.A. Jones/Tompkins Builders, Inc., the former subsidiary of J.A. Jones Construction Company, effective October 30, 2003, for $10 million. The acquisition was approved by the Honorable J. Craig Whitley of the U.S. Bankruptcy Court, Western Districtof North Carolina. Under the terms of this acquisition, a new entity, Tompkins Builders, Inc., will now be a wholly owned subsidiary of TurnerConstruction Company.<p>Tompkins Builders is the third-largest construction company in the Washington, D.C. market. Established in 1911, Tompkins Builders is a prominent name synonymous with construction throughout the Mid-Atlantic area.<p>Commenting on the acquisition, Turner Senior Vice President William M. Brennan said, "Turner is pleased to acquire Tompkins Builders, a company witha strong legacy-over 90 years in the Washington, D.C. market-and a commitment to excellence. This acquisition will expand our presence and bolster Turner's market position in this growing region of the country." Brennan continued, "Together, the expertise offered by Turner and Tompkins will be a powerfulcombination for our clients and partners."<p> Ed Small, President of Tompkins Builders, noted that this acquisition by Turner would result in a win/win situation. "Tompkins recognizes the fullvalue of Turner and the strategic importance of the company as America's leading general builder. Tompkins, which completed more than $275 million inconstruction in 2002, is pleased to combine the strength of its management team and mutual commitment to quality with Turner." He added that, likeTurner, the firm is well known for its on-time, on-budget delivery of projects. Core business for Tompkins is derived from four sectors-government,high-rise residential, hospitality and commercial. Current projects in Washington, D.C., include the National WW II Memorial; Gallery Place; thefuture headquarters for the SEC - Station Place Project and a luxury high-rise apartment complex.<p>Turner's expertise in the Washington, D.C., area covers key sectors including commercial, healthcare, biomedical and government. Signature projects that Turner is currently building in the Washington, D.C., region include the Patent and Trademark Office in Alexandria, Va.; the Janelia Farm Research Project, Va., for the Howard Hughes Medical Institute Facility(HHMI); terminal expansion for the Metropolitan Washington Airports Authority (MWAA) at Dulles International Airport, Washington, D.C.; INOVA HeartInstitute in Falls Church, Va.; Johns Hopkins Biomedical Research Facility and Applied Sciences Project at Johns Hopkins University in Baltimore, Md.;Pentagon Athletic Center (PAC) in Arlington, Va. and the renovation of the Smithsonian's National Museum of American History (NMAH) Behring Center in Washington, D.C.<P>In 2002, The Turner Corporation completed $6.2 billion of construction and secured $6.7 billion in new contracts in a variety of market segments including commercial, education, sports, hotels/motels, healthcare, pharmaceutical, multi-unit residential, correctional and entertainment/public assembly.<p> With more than 60 percent of Turner's business coming from repeat clients, the firm is recognized as an industry leader in providing quality service indiverse markets. The Company has a strong knowledge of the local markets in which it operates, providing excellent service to key areas that offer thegreatest potential and highest return.
