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    1. Mergers & Acquisitions

    Fluor Says There’s Significant Interest in Buying AMECO

    Nov. 10, 2019
    Fluor Corp. said on its third quarter conference call last week that it has received significant interest in its rental business AMECO as well as its government business.

    Fluor Corp. said on its third quarter conference call last week that it has received significant interest in its rental business AMECO as well as its government business.

    “It's very early in the process, but I can tell you that there is significant interest with respect to both businesses,” said Fluor Corp. CEO Carlos Hernandez. “We've engaged our investment bankers to both businesses. We've got a list of interested buyers and will be progressing very promptly. We're probably a little bit further ahead on the bid on the rental business, but we expect to close both transactions probably no later than mid-2020 and we're very, very positive about how those are going to progress.”

    Fluor Corp. posted a net loss from continuing operations, not including the two for-sale businesses of $782 million in the third quarter, although third quarter revenue was $3.9 billion compared to $3.8 billion in last year’s third quarter.

    The Irving, Texas-based company announced in September that it was looking to sell its government and AMECO equipment businesses to create an excess of $1 billion in aggregate proceeds. It also stated it was looking to monetize surplus real estate and other non-core investments as part of the asset sales after a strategic review.

    About the Author

    Michael Roth | Editor

    Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.