Fluor Corp's Major Moves: Sells Stork European Business And Nails SEC Settlement
Portfolio Pulse from Shivani Kumaresan
Fluor Corp (FLR) has agreed to sell its Stork business in Europe and its turbo blading manufacturing operation in the U.S. to Bilfinger SE (BFLBF, BFLBY). The company also settled with the U.S. Securities and Exchange Commission (SEC) for $14.5 million over an investigation into its accounting practices. The sale is part of Fluor's strategy to focus on its core businesses and is expected to be completed in H1 2024.
September 07, 2023 | 10:56 am
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NEUTRAL IMPACT
Fluor Corp's sale of its Stork business and SEC settlement could impact its focus on core businesses and financial stability.
The sale of the Stork business is part of Fluor's strategy to focus on its core businesses, which could streamline operations and potentially improve profitability. The SEC settlement resolves a regulatory issue, removing uncertainty and potential legal costs. However, the financial impact of these moves is unclear as the sale price was not disclosed and the company expects no material earnings effect from the settlement in 2023.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Bilfinger SE's acquisition of Fluor's Stork business could expand its operations and market presence.
Bilfinger's acquisition of the Stork business could expand its operations and market presence, particularly in Europe and the U.S. However, the financial impact is uncertain as the transaction details were not disclosed.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
Bilfinger SE's acquisition of Fluor's Stork business could expand its operations and market presence.
Bilfinger's acquisition of the Stork business could expand its operations and market presence, particularly in Europe and the U.S. However, the financial impact is uncertain as the transaction details were not disclosed.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 75