01/10/2015

FIRMA

Yesterday saw the creation of the new company Sacyr Fluor, jointly owned 50% by Sacyr and Fluor SA, after the Directorate General for Competition of the European Union gave its approval to this operation and the acquisition by Sacyr of 50% of Fluor SA, the Spanish subsidiary of the multinational engineering company Fluor Corporation.

Sacyr Fluor will provide engineering services and manage 'EPC' projects (Engineering, Procurement and Construction) in the oil and gas sector and the onshore petrochemical industry in Spain, Southern Europe, North Africa and certain countries in South America.

The new company can count on the excellent technical references of Fluor Corporation and has already identified a significant number of potential projects. It will have over 400 employees, 380 of which from Fluor's operation centers in Madrid and Asturias.

Miguel Ángel Gómez has been appointed Chairman of Sacyr Fluor; Pedro Sigüenza, CEO; and Gonzalo García Sanmiguel, general manager.

This operation follows the strategic objectives set by Sacyr to boost its industrial business, increasing its market share and capacity to face major business challenges. The foregoing will no doubt see the company become an international touchstone for the sectors and countries in which it operates.

SacyrFluor's pro forma revenue in 2014 amounted to €44.8 million (with a €148 million backlog), and it is expected to turn over €88 million in 2016.

The following are a few of the benefits of the operation for Sacyr:

  • A boost to the strategic focus on expansion in the oil & gas industry 
  • Full consolidation of Sacyr Fluor
  • The new firm will be Sacyr Industrial's engineering division for other countries and lines of business
  • The ability to compete in the EPC market worldwide
  • Generation of future EBITDA 

Fluor, S.A. (Fluor Spain) is now one of Spain's largest engineering firms; it has been providing engineering, procurement and construction services in Spain since 1989. It carries out projects for customers all over the world, adhering to the Fluor sustainable development model for local communities.

Fluor Corporation is a global engineering and construction firm that designs and builds some of the world’s most complex projects. The company creates and delivers innovative and integrated solutions for its clients in engineering, procurement, fabrication, construction, maintenance, and project management on a global basis. With 40,000 employees worldwide, the company’s revenue for 2014 was 21.5 billion US dollars (19.8 billion euros).

Sacyr Industrial has a wealth of experience in creating multidisciplinary teams to take on projects all over the world with the most solid guarantees, employing the technologists required in each case.

In the Oil & Gas sector, it is working at the La Pampilla refinery in Peru, in the Caipipendi Area and at the Santa Cruz and Cochabamba refineries in Bolivia, and at the Liquefied Natural Gas terminal in Cartagena de Indias, Colombia.

It operates a major growth strategy with various projects in the oil & gas sector, electricity infrastructures, power plants and waste processing facilities in the United Kingdom, Bolivia, Colombia, Mexico and Peru, and also in Spain.

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