Fluor Global Services, a unit of Fluor Corporation (NYSE: FLR), today
announced the formation of GlobEquip, a wholly owned e-commerce venture
designed to transact the sale of surplus heavy construction and mining
equipment to high-demand regions that lack the access to and benefits
from such services.
GlobEquip's strategic partners include Citibank, which will provide
global banking services; Stukes-Atwood, which will provide commodity
exchange services; and American Equipment Company (AMECO), which will
provide logistics support and linkage to the global construction and
equipment community.
"The new venture, the first e-commerce venture to centrally catalogue
and then make available for sale the world's surplus construction and
mining equipment, will redefine the global movement of capital
equipment," said Jim Stein, president and chief executive officer of
Fluor Global Services. "By combining internet information, currency and
commodity exchange, logistical services and product support, GlobEquip
provides a service bundle unmatched in the marketplace.
"We are pleased that Citibank has joined us in this new endeavor as the
bank's global reach, leadership in currency exchange and its ability to
support our global marketplace will be instrumental to our success,"
Stein added.
Regions to be targeted initially include China, Africa, Eastern Europe,
Latin America, India, Southeast Asia and the Russian Federation.
Jeff Putman will serve as president and chief executive officer of
Atlanta, Georgia-based GlobEquip. Putman, a recognized leader in the
heavy equipment industry, is the former senior vice president of
business development and strategic planning for Fluor Global Services,
as well as president and chief executive officer of AMECO.
There is a tremendous global demand in developing nations for surplus
construction and mining equipment, which resides primarily in the United
States, the United Kingdom and Japan. However, the distribution networks
in some high-demand regions are ineffective or do not exist. By
leveraging Fluor's world-caliber logistics and AMECO's after-market
support expertise, GlobEquip will be a full-service capital equipment
broker between suppliers and high demand markets and will allow
countries of any size or social condition to have access to the scope of
surplus equipment available, Putman noted.
"We are striving to balance out the distribution and utilization of the
world's surplus equipment, generating revenues for those who own the
equipment and tangible results for those needing it," Putman added. "In
addition, the venture also will ultimately offer related components such
as financing, leasing, escrow, and both foreign currency and commodity
exchanges, a natural outgrowth of the collective expertise of GlobEquip
and its strategic partners."
About Fluor Global Services
Fluor Global Services (FGS), a business enterprise of Fluor Corporation,
is among the world's premier asset management solutions companies.
Specifically, FGS provides operations, maintenance, asset management and
consulting services; construction and industrial equipment rental and
maintenance across a variety of industries globally. FGS offers
telecommunications services in the areas of wireless, wireline and
network design, and build and integration of applications. It also
provides engineering, construction, operations, maintenance and
integration services to United States government agencies.
About Fluor Corporation
With fiscal 2000 revenues from continuing operations of $10 billion,
Fluor Corporation provides services on a global basis in the fields of
engineering, procurement, construction, maintenance, operations, project
management, and business services.
About Citigroup
Citigroup (NYSE: C), the most global financial services company,
provides some 100 million consumers, corporations, governments and
institutions in more than 100 countries with a broad range of financial
products and services including consumer banking and credit, corporate
and investment banking, insurance, securities brokerage and asset
management. The 1998 merger of Citicorp and Travelers Group brought
together such brand names as Citigroup, Travelers, Salomon Smith Barney,
CitiFinancial and Primerica under Citigroup's trademark red umbrella.
Additional information can be found at http://www.citigroup.com.
For further information please contact: media relations, Keith Karpe,
949-349-7661, or Lori Serrato, 949-349-7420, both of Fluor Corporation.
SOURCE Fluor Corporation
media relations, Keith Karpe, 949-349-7661, or Lori Serrato, 949-349-7420, both of Fluor Corporation