United Rentals Announces North American Industrial Joint Venture with Fluor’s AMECO
August 16 2010 - 4:10PM
Business Wire
United Rentals (NYSE: URI) announced today that it has agreed to
form a joint venture with Fluor Corporation’s (NYSE: FLR) AMECO
unit to offer comprehensive equipment and tool solutions for
ongoing plant maintenance and turnaround activities initially
supporting the oil and gas industry in the Gulf Coast region of the
U.S.
Michael Kneeland, chief executive officer of United Rentals
said, “We are excited to join with AMECO to offer more inclusive
solutions to customers and create opportunities that may not
otherwise exist. This partnership allows both companies to expand
their presence in the energy market while remaining focused on our
core competencies. For our customers, an integrated source of
supply means greater productivity.”
“AMECO’s expertise in providing project tools and site services,
coupled with a world class safety culture is a complementary fit
with United Rentals’ significant rental fleet infrastructure and
technology capabilities,” said Gary Bernardez, president of AMECO.
“The combined resources of the two companies will provide a
seamless, one-stop shop for oil and gas customers at their project
sites throughout the Gulf Coast region.”
The AMECO and United Rentals joint venture plans to provide full
turnkey services and comprehensive offerings along with an
industry-leading safety program. It will offer customized solutions
based on customers’ needs with the ability to scale to appropriate
levels quickly and nimbly.
United Rentals has the largest fleet and geographic coverage for
equipment rental in the U.S. AMECO’s in-house tool and maintenance
expertise together with its site management services expertise will
provide additional value to customers during turnarounds, shutdowns
and sustaining operations.
About United
Rentals
United Rentals, Inc. (NYSE: URI) is the largest equipment rental
company in the world, with an integrated network of 554 rental
locations in 48 states and 10 Canadian provinces. The company’s
approximately 7,400 employees serve construction and industrial
customers, utilities, municipalities, homeowners and others. The
company offers for rent approximately 3,000 classes of equipment
with a total original cost of $3.8 billion. United Rentals is a
member of the Standard & Poor’s MidCap 400 Index and the
Russell 2000 Index® and is headquartered in Greenwich, Conn.
Additional information about United Rentals is available at
unitedrentals.com.
About AMECO
AMECO, a unit of Fluor Corporation (NYSE: FLR), is the world's
leader in integrated mobile equipment and tool solutions and has
provided a wide range of services to construction, mining,
government and industrial markets across the globe for over 60
years. The company is focused on three primary businesses:
operations fleet services, construction site services and equipment
distribution. For more information, visit www.ameco.com.
About Fluor
Corporation
Fluor Corporation (NYSE: FLR) designs, builds and maintains many
of the world's most challenging and complex projects. Through its
global network of offices on six continents, the company provides
comprehensive capabilities and world-class expertise in the fields
of engineering, procurement, construction, commissioning,
operations, maintenance and project management. Headquartered in
Irving, Texas, Fluor is a FORTUNE 200 company and had revenues of
$22 billion in 2009. For more information, visit www.fluor.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements can be identified by
the use of forward-looking terminology such as “expect,” “may,”
“will,” or “plan,” or the negative thereof or comparable
terminology, or by discussions of strategy or outlook. Such
forward-looking statements are subject to a variety of risks and
uncertainties, many of which are beyond our control, and,
consequently, actual results may differ materially from those
projected. Factors that could cause actual results to differ
materially from those projected include, but are not limited to,
the following: (1) greater than expected costs or unexpected delays
associated with the establishment and development of the joint
venture, (2) customer interest in and acceptance of the joint
venture, (3) changes in plans with respect to the marketing and
focus of the joint venture, (4) the financial performance of the
joint venture and other factors which impact the resources
available to the joint venture and (5) other factors which are
discussed in Fluor Corporation’s and United Rentals, Inc.’s public
announcements and SEC filings. Neither party undertakes any
obligation to update these forward-looking statements for events
occurring after the date of this press release.
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