Fluor, Sacyr form new joint venture in Spain

Fluor, Sacyr form new joint venture in Spain

5:38 PM, 31st July 2015
Fluor, Sacyr form new joint venture in Spain
David Seaton, chairman and chief executive officer, Fluor. (File photo)

IRVING, US/MADRID, SPAIN: Fluor Corporation said that it has signed an agreement to divest 50 percent of shares in its Spanish operations, Fluor SA, to Sacyr Industrial S L U, a leading multinational Spanish construction company. The new entity, SacyrFluor, will be headquartered in Fluor’s Madrid operations centre. The value of the divestiture is €39 million.

SacyrFluor will provide project management, engineering, procurement, construction management and self-perform construction services for the energy and chemicals industry in Spain, Southern Europe, North Africa and certain countries in South America.

“Creating this new company supports Fluor’s global strategy. Combining Fluor’s project management, engineering and procurement services with Sacyr’s construction capabilities will provide our clients with capital efficiencies through a simplified project structure and improved opportunities for cost savings,” said David Seaton, chairman and chief executive officer, Fluor.

“SacyrFluor 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,” said Pedro Siguenza, chief executive officer, Sacyr Industrial.

“Fluor 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’s company ethos and cultures,” said Miguel Angel Gomez, Fluor’s vice president of energy and chemicals and general manager for Spain and North Africa.

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