Perini Corporation has signed a letter of intent to acquire Cherry Hill Construction Company, Inc., a privately held construction company.

Based in Jessup, Md., Cherry Hill Construction Company Inc. is an established civil construction company in the Mid-Atlantic and Southeast regions, with 2003 revenues and pretax earnings of $119.0 million and $3.6 million respectively. Cherry Hill Construction Company Inc. specializes in excavation, foundations, paving and construction of civil infrastructure. Under the terms of the proposed transaction subject to due diligence, Perini agreed to acquire 100% of the company's stock for $20 million in cash, subject to terms and conditions, including lender approval.

Under the terms of the agreement, Cherry Hill Construction Company, Inc. will operate as a wholly owned subsidiary of Perini Corporation and will be managed by its current senior management team.

"We are very pleased to announce this proposed transaction, which will expand our civil construction market presence in the in the Mid-Atlantic and Southeast regions and support Perini's strategy to achieve profitable growth," said Ronald N. Tutor, Perini's chairperson and chief executive officer.