Fluor Updates Structure and Sells Stork
Fluor (NYSE: FLR) has announced an updated organizational and reporting structure which it says better aligns its business with identified growth markets and company strategy.
From the first quarter of this year, the company 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, according to the company. Urban Solutions, led by Terry Towle, will pursue opportunities in mining, metals, advanced technologies, manufacturing, life sciences and infrastructure, and will include Fluor’s professional staffing unit, and Mission Solutions will be led by Tom D’Agostino and will be primarily focused on delivering solutions to federal agencies across the U.S. government and to select international opportunities, Fluor outlined.
Fluor noted that it has also established two newly consolidated functional organizations; Project Execution, led by Mark Fields, and Corporate Development and Sustainability, led by Al Collins. The company also said it has determined that maintenance services no longer fit within Fluor’s core service portfolio and that the company is initiating plans to sell Stork.
In June last year, Fluor announced that Stork had come to an agreement with VE Partners to sell EQIN, Stork’s professional equipment rental business in Europe. Fluor closed its acquisition of Stork Holding B.V. back in March 2016 after the company announced in early December 2015 that it had agreed to purchase 100 percent of Stork’s shares from the UK based private equity firm Arle Capital Partners.
Fluor is a global engineering, procurement, fabrication, construction and maintenance company with projects and offices on six continents. The company, which has 45,000 employees, serves the energy, chemicals, power, infrastructure, mining, metals, government, advanced technologies and life sciences markets, according to its website.
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