Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon is expanding the aircraft fleet of its air cargo network by leasing 12 additional Boeing 767-300 converted cargo aircraft from Air Transport Services Group Inc. This comes amid increased demand for shipments due to the coronavirus pandemic. These aircraft will join Amazon Air's existing fleet of 70 aircraft to bring its total network to more than 80 aircraft. New York's transit agency The Metropolitan Transportation Authority or MTA has pulled its newest subway cars from service after two cars got detached from a moving train. New York City Transit Interim President Sarah Feinberg launched an investigation into the matter. The entire R179 fleet from Canadian company Bombardier Inc. has been pulled until further notice after the incident in Chambers AMC Entertainment Holdings, Inc., the world's largest theatre chain, said it has substantial doubt in its ability to continue its business as theaters across the world remain closed for months now following coronavirus or Covid-19 pandemic. In a regulatory filing, the company said it is "generating effectively no revenue", and that additional capital, if needed, may not be available.
Follow RTT