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Fluor Corp. To Sell Government And Equipment Businesses; Reduces Dividend

Fluor Corp. (FLR) said, as a result of the strategic review, the company has decided that divestitures of select businesses will generate long-term value to shareholders. Fluor expects to generate in excess of $1 billion in aggregate proceeds from these actions. The company also projects overhead reductions of $100 million.

Fluor Corp. plans to sell its construction equipment rental company (AMECO) and its government business, and to monetize surplus real estate and non-core investments. Going forward, business groups will have direct control over the functions that support operations, the company said.

Also, Fluor Corp. plans to reduce its quarterly dividend to $0.10 per share beginning with the next quarterly dividend declaration.

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