Fluor looks to generate US$1 billion
By Andy Brown26 September 2019
After a strategic review of the business, global construction contractor Fluor has announced that it plans to sell off two of its divisions, the construction equipment rental company AMECO, and its government business division.
The company also announced that it will sell off surplus real estate and non-core investments – in total the company hopes to generate around US$1 billion.
Carlos Hernandez, chief executive officer, Fluor Corporation, said, “The strategic direction we are pursuing as a result of this process builds upon Fluor’s premier competitive position in our core markets in which we expect to deliver sustainable growth, strong cash flow and attractive returns to investors.
“With this review behind us, we are focusing more than ever before on long-term value creation and operational excellence.”
This move follows two consecutive quarterly losses for the company, which employs around 53,000 staff and had revenues for 2018 of US$19.2 billion.
In the most recent ICON top 200 – a listing of the world’s top 200 contractors by sales – the company was placed at number 16 in the world.