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Fluor announces company revamp, plans to sell Stork

March 04/2021

MOSCOW (MRC) -- Fluor (Irving, Texas) has recently announced an organizational revamp that better aligns its business with identified growth markets and company strategy after conducting a strategic review, reported Chemweek with reference to the company's statement.

The company is initiating plans to sell its subsidiary Stork (Utrecht, Netherlands) as part of the revamp, it says.

Starting in the first quarter of 2021, Fluor will conduct its operations in three business segments - Energy Solutions, Urban Solutions, and Mission Solutions. The energy solutions business will be focused on energy transition, chemicals, and traditional oil and gas opportunities, according to Fluor.

As a result of our strategic review, we have determined that maintenance services no longer fits within Fluors core service portfolio. Therefore, the company is initiating plans to sell Stork, it says. Fluor acquired Stork in 2015 for $755 million. Stork is a provider of maintenance, modification, and asset integrity services for large industrial facilities in the chemicals, petrochemicals, oil and gas, industrial, and power markets.

Fluors urban solutions business will pursue opportunities in mining, metals, advanced technologies, manufacturing, life sciences, and infrastructure, while the mission solutions business will be focused primarily on delivering solutions to federal agencies across the US government and to select international opportunities. Fluor has also established two functional organizations for project execution and corporate development and sustainability.

As MRC wrote before, in early December 2019, Fluor bagged PMC contract to PKN Orlen to expand ethylene capacity in Plock.

Ethylene is the mainfeedstock for the production of polyethylene (PE).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,220,640 tonnes in 2020, up by 2% year on year. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased.
Author:Margaret Volkova
Tags:PE, crude and gaz condensate, LDPE, HDPE, ethylene, gas processing, petrochemistry, PKN Orlen, Netherlands, Poland, Russia, USA.
Category:General News
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