It has signed an agreement to divest 50% of the Fluor SA to multinational Spanish construction company Sacyr Industrial. The new entity, SacyrFluor, will be headquartered in Fluor鈥檚 Madrid operations centre. The value of the sale is 鈧�39m (拢27.4m).
SacyrFluor will provide project management, engineering, procurement and construction management as well as undertaking construction services for the energy and chemicals industry in Spain, Southern Europe, North Africa and certain countries in South America.
鈥淐reating this new company supports Fluor鈥檚 global strategy to provide clients with truly integrated business solutions for their project needs,鈥� said David Seaton, Fluor鈥檚 chairman and chief executive officer. 鈥淐ombining Fluor鈥檚 project management, engineering and procurement services with Sacyr鈥檚 construction capabilities will provide our clients with capital efficiencies through a simplified project structure and improved opportunities for cost savings.鈥�
Pedro Sig眉enza, chief executive officer of Sacyr Industrial, said: 鈥淪acyrFluor 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.鈥�
鈥淔luor 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鈥檚 company ethos and cultures,鈥� said Miguel Angel Gomez, Fluor鈥檚 vice president of Energy and Chemicals and general manager for Spain and North Africa. 鈥淭ogether with Sacyr鈥檚 management, we are looking forward to offering our clients across the regions an improved value proposition to support their project demands.鈥�
Sacyr is one of Spain鈥檚 聽largest construction companies, with 30,000 employees and operation centres in 23 countries. It revenue for 2014 was 鈧�2.9bn.
Global engineering and construction firm Fluor Corporation has 40,000 employees worldwide and the company's revenue for 2014 was US$21.5bn (拢13.8bn).
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