Fluor teams up with Sacyr

expat network

Fluor teams up with Sacyr

Fluor is selling half the shares in its Spanish business to Sacyr to create a new joint operation that will carry out both project management and construction work in Europe, North Africa and South America.

It has signed an agreement to divest 50% of the Fluor SA to multinational Spanish construction company Sacyr Industrial. The new entity, SacyrFluor, will be headquartered in Fluor’s Madrid operations centre. The value of the sale is €39m (£27.4m).

SacyrFluor will provide project management, engineering, procurement and construction management as well as undertaking construction services for the energy and chemicals industry in Spain, Southern Europe, North Africa and certain countries in South America.

“Creating this new company supports Fluor’s global strategy to provide clients with truly integrated business solutions for their project needs,” said David Seaton, Fluor’s 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.”

Pedro Sigüenza, chief executive officer of Sacyr Industrial, said: “SacyrFluor is the ideal companion for Sacyr Industrial, enabling us to boost our oil and gas business and increase our capacity to take on larger engineering, procurement and construction projects.”

“Fluor and Sacyr have together successfully completed two large oil and gas projects, so we already have a track record and have gained an excellent understanding of each other’s company ethos and cultures,” said Miguel Angel Gomez, Fluor’s vice president of Energy and Chemicals and general manager for Spain and North Africa. “Together with Sacyr’s management, we are looking forward to offering our clients across the regions an improved value proposition to support their project demands.”

Sacyr is one of Spain’s largest construction companies, with 30,000 employees and operation centres in 23 countries. It revenue for 2014 was €2.9bn.

Global engineering and construction firm Fluor Corporation has 40,000 employees worldwide and the company’s revenue for 2014 was US$21.5bn (£13.8bn).

Source & Link: The Construction Index

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.