As part of its previously announced strategy to exit certain non-core
businesses in order to focus on its traditional engineering,
procurement, construction and maintenance services businesses, Fluor
Corporation (NYSE: FLR) today reported the sale of its construction
equipment dealership in Georgia.
Operated by the company's AMECO business unit, Fluor announced the sale
of Stith Equipment to Birmingham, Alabama-based Tractor & Equipment
Company. Financial terms of the sale were not disclosed. The company
previously accounted for the sale as part of the charge it took in the
third quarter under discontinued operations.
"This sale will benefit greatly both Fluor and Tractor & Equipment, as
well as the customers who have come to depend on the dealership to
provide a variety of heavy construction equipment, parts and service to
the Georgia construction marketplace," said Kenneth H. Lockwood,
president of Fluor Equipment Dealerships. "The sale meets the goals of
our strategic plan and allows the buyer to expand its geographic
coverage."
Under terms of the sale, the dealership will continue to operate as a
Komatsu dealership under the new Stith Division/Tractor & Equipment
Company. The dealership is one of the oldest Komatsu dealers in the
United States.
As part of its plan to enhance earnings by focusing solely on its core
engineering, procurement and construction business segments, Fluor
announced last year that it would divest its AMECO dealerships in the
United States. At the same time, the company said by divesting the
dealerships, AMECO would be able to better focus on the strong growth
potential identified by its Site Services and Fleet Outsourcing business
units.
AMECO is a full-service construction and industrial equipment business
that provides fleet outsourcing services to domestic and international
industrial markets and offers complete service, equipment and tool
programs for capital construction projects.
Headquartered in Aliso Viejo, California, Fluor is a Fortune 500 company
with revenues of $10 billion in fiscal year 2000. Fluor is a publicly
held corporation that trades under the symbol FLR on the New York Stock
Exchange. Complete information about Fluor is available through the
company's Internet site at www.fluor.com.
For further information please contact: Keith Karpe, +1-949-349-7661, or
Lori Serrato, +1-949-349-7420, both Media Relations of Fluor Corporation
Keith Karpe, +1-949-349-7661, or Lori Serrato, +1-949-349-7420, both Media Relations of Fluor Corporation