Fluor Corporation (NYSE: FLR) disclosed that it has decided to divest its North American equipment and fleet services business, AMECO, to One Equity Partners. Fluor revealed that it is looking ahead to continue working together with AMECO in the US and Canada. Fluor will dump its business for $73 million.
Fluor Corporation (NYSE: FLR) shares were trading up 0.04% at $23.43 at the time of writing on Tuesday. Fluor Corporation's (NYSE: FLR) share price went from a low point around $7.43 to briefly over $24.79 in the past 52 weeks, though shares have since pulled back to $23.43. FLR market cap has remained high, reaching $3.32 billion at the time of writing.
This divestiture decision will move the firm one step forward in executing the AMECO divestiture. Fluor has earlier disclosed the AMECO divestiture in September 2019. Earlier, Fluor dumped its AMECO Caribbean business in Jamaica in August 2020. The firm is actively promoting its remaining AMECO South America and ServiTrade Mozambique operations. The financial advisor of the firm for this deal is BofA Securities.