Fluor and Sacyr Form New Joint Venture in Spain
July 30 2015 - 4:07PM
Business Wire
Fluor Corporation (NYSE: FLR) announced today that it has signed
an agreement to divest 50 percent of shares in its Spanish
operations, Fluor S.A., to Sacyr Industrial S.L.U., a leading
multinational Spanish construction company. The new entity,
SacyrFluor, will be headquartered in Fluor’s Madrid operations
center. The value of the divestiture is €39 million.
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.
“Creating this new company supports Fluor’s global strategy to
provide clients with truly integrated business solutions for their
project needs,” said David Seaton, Fluor’s chairman and chief
executive officer. “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, chief executive officer of Sacyr Industrial,
said, “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 Sacyr have together successfully completed two large
oil and gas projects, so we already have a track record and have
gained an excellent understanding of each other’s company ethos and
cultures,” said Miguel Angel Gomez, Fluor’s vice president of
Energy and Chemicals and general manager for Spain and North
Africa. “Together with Sacyr’s management, we are looking forward
to offering our clients across the regions an improved value
proposition to support their project demands.”
About Sacyr
Sacyr is a Spanish multinational construction company, one of
the largest in Spain. It is a diverse group, whose objectives are
innovation and international expansion in all its areas:
construction, infrastructure, concessions, real estate, services
and industrial construction. With 30,000 employees and operation
centres in 23 countries across five continents, Sacyr’s revenue for
2014 was €2.9 billion. Sacyr is registered on Spain’s Ibex 35
Index. For more information, visit www.sacyr.com.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is a global engineering and
construction firm that designs and builds some of the world's most
complex projects. The company creates and delivers innovative and
integrated solutions for its clients in engineering, procurement,
fabrication, construction, maintenance and project management on a
global basis. For more than a century, Fluor has served clients in
the energy, chemicals, government, industrial, infrastructure,
mining and power market sectors. Headquartered in Irving, Texas,
Fluor ranks 136 on the FORTUNE 500 list. With 40,000 employees
worldwide, the company's revenue for 2014 was $21.5 billion. For
more information, visit www.fluor.com or follow us on Twitter
@FluorCorp.
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Fluor CorporationGlobal Media RelationsBrian Mershon,
+1-469-398-7621orBrett Turner, +1-864-281-6976orInvestor
RelationsGeoff Telfer, +1-469-398-7070orJason Landkamer,
+1-469-398-7222orMedia Relations Europe, Africa & Middle
EastJanet Kearns, + 44 (0) 1252 292039 /+44 (0) 7802 373466
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