Fluor Begins AMECO Divestment Process with Sale of AMECO Caribbean
Fluor Corp. has sold the assets of AMECO Caribbean Inc. to Stewart’s Automotive Group in Jamaica for a sale price of $22 million. The new company will operate as JAMECO Equipment Co. Ltd. Fluor announced its intention in September 2019 to fully divest AMECO, its construction equipment rental and site services company and the sale of AMECO Caribbean is the first step in that process.
“JAMECO Equipment Co. Ltd. looks forward to continuing the fine tradition of premier fleet management service to which AMECO customers have become accustomed, to be complemented by the owner’s transport industry experience,” said Jackie Stewart Lechler, JAMECO Equipment Co.
AMECO has been doing business in Jamaica since 2001, providing customers with fleet and equipment management solutions.
Stewart’s also has run a construction equipment dealership known as Stewart Industrial since 2010 with brands such as Komatsu, JCB and Clark.
Fluor’s European offshoot Stork, part of its Diversified Services Segment, recently sold its Dutch equipment rental business EQIN to VE Partners.
In other Fluor news, the company recently said it is unable to file its 10-Q report for second-quarter 2020 on time. It has still not filed its Form 10-K for 2019 and Form 10-Q for the first quarter of 2020. The company is reviewing its prior reporting and related control environment. It has been subpoenaed by the U.S. Department of Justice for documents related to second-quarter 2019 charges and projects.
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.