Fluor Corporation (NYSE: FLR) announced today the jury verdict for the
trial between Fluor Enterprises, Inc., and Solutia, Inc. (NYSE: SOI), on
Fluor's claims concerning the design and construction of an
acrylonitrile plant in Chocolate Bayou, TX. The jury awarded Fluor $34.5
million in design and construction costs on the quantum meruit count or,
in the alternative, $4.85 million in damages on Solutia's breach of
contract count. The verdict represents an amount very close to that
requested by Fluor during the trial.
Larry Fisher, Fluor senior vice president of Law, said, "Although time
has not allowed for a comprehensive review of the jury's verdict, Fluor
is pleased by this result. Solutia has refused to pay Fluor for multiple
changes during construction of the plant that led to both extra costs
and an extended construction duration. Solutia's AN 7 plant is now a
world-class chemical plant constructed by Fluor in 1999-2000 that
manufactures several of Solutia's key products."
Solutia has signaled its intention to pursue all post-verdict remedies.
Prior to hearing any post-trial motions, the court has ordered a
mediation to be conducted between the parties by September 30, 2002.
Fluor Corporation (NYSE: FLR) provides services on a global basis in the
fields of engineering, procurement, construction, operations,
maintenance and project management. Headquartered in Aliso Viejo,
California, Fluor is a Fortune 500 company with revenues of $9 billion
in fiscal year 2001. For more information, visit www.fluor.com.
For further information please contact: Lisa Boyette, Media Relations,
+1-949-349-3652, or Lori Serrato, Media Relations, +1-949-349-7420, or
Lila Churney, Investor Relations, +1-949-349-3909, fax +1-949-349-5375,
all of Fluor Corporation.
Lisa Boyette, Media Relations, +1-949-349-3652, or LoriSerrato, Media Relations, +1-949-349-7420, or Lila Churney, InvestorRelations, +1-949-349-3909, fax +1-949-349-5375, all of Fluor CorporationURL:http://www.fluor.com