Fluor Announces New Business Segments and Intent to Divest Its Maintenance Services Business
Fluor Corporation (NYSE: FLR) has announced a revamped organizational structure aimed at aligning its operations with growth markets. Effective Q1 2021, Fluor will operate in three segments: Energy Solutions, Urban Solutions, and Mission Solutions. The company plans to divest its maintenance services segment, Stork, deeming it not aligned with its core portfolio. This strategic shift aims to enhance operational focus and efficiency as Fluor continues to serve federal and international clients.
- Introduction of three focused business segments to drive growth.
- Planned divestment of Stork is expected to streamline operations.
- Divestment of Stork could lead to potential short-term revenue loss.
Fluor Corporation (NYSE: FLR) announced today an updated organizational and reporting structure that better aligns its business with identified growth markets and company strategy.
Beginning in the first quarter of 2021, Fluor will conduct its operations in three business segments: Energy Solutions, Urban Solutions and Mission Solutions.
Energy Solutions, led by Jim Breuer, will be focused on energy transition, chemicals and traditional oil and gas opportunities. Urban Solutions, led by Terry Towle, will pursue opportunities in mining, metals, advanced technologies, manufacturing, life sciences, infrastructure, and will include Fluor’s professional staffing (TRS) unit. Mission Solutions, led by Tom D’Agostino, will be primarily focused on delivering solutions to federal agencies across the U.S. government and to select international opportunities. Additionally, Fluor has also established two newly-consolidated functional organizations: Project Execution, led by Mark Fields, and Corporate Development and Sustainability, led by Al Collins.
More information on the entire senior management team can be found in the Corporate Officers section of our website.
As a result of our strategic review, we have determined that maintenance services no longer fits within Fluor’s core service portfolio. Therefore, the company is initiating plans to sell Stork. Additional information will be provided at our January 28 Strategy Day event.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is a global engineering, procurement, fabrication, construction and maintenance company with projects and offices on six continents. Fluor’s 45,000 employees build a better world and provide sustainable solutions by designing, building and maintaining safe, well executed projects. Fluor had revenue of
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