Fluor Sells AMECO North America to One Equity Partners for $73 Million

Rhea-AI Summary

Fluor Corporation (NYSE: FLR) has completed the divestiture of its North American equipment and fleet services business, AMECO, to One Equity Partners for $73 million. This sale marks a crucial step in the ongoing divestiture process that began in September 2019. Previously, Fluor sold its AMECO Caribbean operations in Jamaica in August 2020 and is currently in the process of marketing its remaining AMECO South America and ServiTrade Mozambique operations. Fluor continues to collaborate with AMECO in the U.S. and Canada.

Positive

• Completion of the AMECO divestiture enhances focus on core business operations.
• The sale generated $73 million in cash, potentially improving liquidity.

Negative

• Continued divestitures suggest a retraction from certain service sectors.
• Ongoing marketing of remaining AMECO operations indicates potential challenges in offloading these segments.

Fluor Corporation (NYSE: FLR) announced today the divestiture of its North American equipment and fleet services business, AMECO, to One Equity Partners for $73 million.

This transaction is another significant step in completing the AMECO divestiture announced by Fluor in September 2019. Fluor previously sold its AMECO Caribbean business in Jamaica in August 2020 and is actively marketing its remaining AMECO South America and ServiTrade Mozambique operations.

Fluor looks forward to continue working together with AMECO in the U.S. and Canada.

Fluor used BofA Securities as its financial advisor for this transaction.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better future by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.7 billion in 2020 and is ranked 181 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

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FAQ

What is the recent divestiture by Fluor Corporation (FLR)?

Fluor Corporation announced the divestiture of its North American equipment and fleet services business, AMECO, to One Equity Partners for $73 million.

How much did Fluor sell AMECO for?

Fluor sold AMECO to One Equity Partners for $73 million.

What previous actions did Fluor take regarding AMECO?

Fluor sold its AMECO Caribbean business in Jamaica in August 2020 and is currently marketing its remaining AMECO South America and ServiTrade Mozambique operations.

Who was Fluor's financial advisor for the AMECO transaction?

Fluor engaged BofA Securities as its financial advisor for the AMECO divestiture.

What does the divestiture of AMECO mean for Fluor's future?

The divestiture allows Fluor to concentrate on its core business operations while enhancing its liquidity through the cash generated from the sale.