PRESS RELEASE
Sacyr buys up 50% of Fluor SA
FLUOR AND SPAIN’S SACYR
FORM JOINT VENTURE
Madrid, 30 July 2015.- Sacyr has acquired 50% of shares in Fluor SA, the
Spanish subsidiary of the multinational engineering company Fluor Corporation,
for €39 million, to create SacyrFluor, owned equally by the two firms.
The new company will provide engineering services and manage "EPC"
projects (Engineering, Procurement and Construction) in the oil and gas sector
and the onshore petrochemical industry in Spain, Southern Europe, North Africa
and certain countries in South America.
SacyrFluor will be backed by the technical capabilities and global resources of
Fluor Corporation. The new company has already identified a significant
number of potential projects and will have over 400 employees - 380 from
Fluor's operation centers in Madrid and Asturias.
Manuel Manrique, Sacyr Chairman, feels the main benefits of this operation are:
“The group's drive and greater strategic vision and its solid ambition of
expansion in the oil & gas industry alongside one of the world's largest, tried
and tested engineering firms”.
In the opinion of Pedro Sigüenza, CEO of Sacyr Industrial, “SacyrFluor is the
ideal companion for Sacyr Industrial, enabling us to boost our oil & gas
business and increase our capacity to take on larger EPC projects”.
“Creating this new joint venture supports Fluor’s strategy to provide clients with
a truly integrated business solution for their project needs,” said David Seaton,
chairman and chief executive officer. “Combining Fluor’s project management,
engineering and procurement services with Sacyr’s construction capabilities will
provide our clients with capital efficiencies through a simplified project structure
and improved opportunities for cost savings”.
“Fluor and Sacyr have together successfully completed two large oil and gas
projects so we already have a track record and understanding of each other’s
company ethos and cultures”, said Miguel Ángel Gómez, vice president Energy
& Chemicals and general manager Spain, North Africa. “We are looking forward
to offering our clients across the regions an improved value proposition to
support their project demands”.
SacyrFluor's pro forma revenue in 2014 amounted to €44.8 million (with a €148
million backlog), and it is expected to turn over €88 million in 2016.
The following are a few of the benefits of the operation for Sacyr:
‰ A boost to the strategic focus on expansion in the oil & gas industry
‰ Full consolidation of Sacyr Fluor
‰ The new firm will be Sacyr Industrial's engineering division for other
countries and lines of business
‰
The ability to compete in the EPC market worldwide
‰
Generation of future EBITDA
Fluor, S.A. (Fluor Spain) is now one of Spain's largest engineering firms; it has
been providing engineering, procurement and construction services in Spain
since 1989. It carries out projects for customers all over the world, adhering to
the Fluor sustainable development model for local communities.
Fluor Corporation is a global engineering and construction firm that designs
and builds some of the world’s most complex projects. The company creates
and delivers innovative and integrated solutions for its clients in engineering,
procurement, fabrication, construction, maintenance, and project management
on a global basis. For more than a century, Fluor has served clients in the
energy, chemicals, government, industrial, infrastructure, mining and power
market sectors. With 40,000 employees worldwide, the company’s revenue for
2014 was 21.5 billion US dollars (19.8 billion euros).
Sacyr Industrial has a wealth of experience in creating multidiscipline teams to
take on projects all over the world with the most solid guarantees, employing
the technologists required in each case.
In the Oil & Gas sector, it is working at the La Pampilla refinery in Peru, in the
Caipipendi Area and at the Santa Cruz and Cochabamba refineries in Bolivia,
and at the Liquefied Natural Gas terminal in Cartagena de Indias, Colombia.
It operates a major growth strategy with various projects in the oil & gas sector,
electricity infrastructures, power plants and waste processing facilities in the
United Kingdom, Bolivia, Colombia, Mexico and Peru, and also in Spain.
The new company's logo:
Fluor Communication
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