Fluor has agreed to divest 50% of its Spanish business, Fluor SA, to Sacyr Industrial, part of the major Spanish construction group Sacyr. The value of the transaction is € 39 million.
The company said SacyrFluor will provide project management, engineering, procurement, construction management and self-perform construction services for the energy and chemicals industry in Spain, Southern Europe, North Africa and certain countries in South America.
Fluor chairman & CEO David Seaton said, “Creating this new company supports Fluor’s global strategy to provide clients with truly integrated business solutions for their project needs. Combining Fluor’s project management, engineering and procurement services with Sacyr’s construction capabilities will provide our clients with capital efficiencies through a simplified project structure and improved opportunities for cost savings.”
Pedro Sigüenza, CEO of Sacyr Industrial, added, “SacyrFluor is the ideal companion for Sacyr Industrial, enabling us to boost our oil and gas business and increase our capacity to take on larger engineering, procurement and construction projects.”
Fluor and Scayr said they had previously worked together on two large oil & gas projects, giving them an understanding of each others’ company ethos and culture.