Turner Construction Company Announces Development of Program to Accelerate Payments to Subcontractors
New York, NY (PRWEB) December 02, 2014 -- Turner Construction Company announced today that it has worked closely with Textura Corporation (NYSE: TXTR) and Greensill Capital to develop a new program that accelerates payments to subcontractors.
The Turner Accelerated Payment Program™, which the company anticipates it will begin rolling out in early 2015, will significantly accelerate payments to subcontractors thereby improving their cash flow and strengthening their balance sheets. Textura will provide the systems platform for this program via its Construction Payment Management™ (CPM™) program, while Greensill will perform the underwriting and provide the funding.
Turner recently began a company-wide implementation of Textura CPM™ to make the payment management process more efficient for Turner, its contractors, and its clients, and to facilitate deployment of the Accelerated Payment Program™.
“Turner signs more than 24,000 contracts with contractors on 1,500 projects on a total of $10 billion of construction projects annually. We developed this program because improving cash flow to subcontractors addresses one of their challenges and we expect it will reduce risks and lower costs for Turner and our clients,” said Karen Gould, chief financial officer of Turner.
About Turner Construction Company
Turner is a North America-based, international construction services company. Turner first made its mark on the industry pioneering the use of steel-reinforced concrete for general building, which enabled the company to deliver safer, stronger, and more efficient buildings to clients. The company continues to embrace emerging technologies and offers an increasingly diverse set of services. With an annual construction volume of $10 billion, Turner is the largest builder in the United States, ranking first in the major market segments of the building construction field. The firm is a subsidiary of HOCHTIEF, a publicly traded company, and one of the world’s leading international construction service providers. For more information please visit http://www.turnerconstruction.com.
About Textura
Textura is the leading provider of collaboration and productivity tools for the construction industry. Our solutions serve all construction industry professionals across the project lifecycle – from takeoff, estimating, design, pre-qualification and bid management to submittals, field management, LEED® management and payment. http://www.texturacorp.com
About Greensill Capital
Greensill Capital is an independent financial services firm and principal investor group specializing in structured trade finance, working capital optimization, specialty financing and contract monetization. The firm was founded in 2011 by a seasoned team of trade finance specialists with the goal of providing innovative and alternative structured solutions for corporations and financial institutions globally. In 2014 Greensill Capital acquired a majority shareholding in Greensill Bank AG, a regulated German private bank. http://www.greensill.com
Christopher McFadden, Turner Construction Company, http://www.turnerconstruction.com, +1 (212) 229-6145, [email protected]
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