Fluor has sold its construction equipment rental business in the Caribbean for $22 million.
The assets of AMECO Caribbean are now almost fully owned by to Stewart’s Automotive Group, Fluor said in an Aug. 17 press release. The remaining assets of the AMECO equipment rental in North America, South America, Europe, Africa, and the Middle East remain for sale.
Fluor’s AMECO has operated in Jamaica since 2001, providing customers with fleet and equipment management solutions. It provides mobile equipment and tools for construction, mining, and industrial sectors. That business is now named JAMECO Equipment Company Ltd.
In September 2019, Fluor announced plans to sell all of AMECO as well as its government services business, which includes contracts for the Energy Department’s nuclear complex, as part of a company restructuring.
The Irving, Texas-based company reversed course in February, deciding to keep the government contracting business that has about 28,000 employees and more than 40 projects, including DOE work in Idaho, South Carolina, New Mexico, and other locations.
Fluor has still not filed an earnings report with the Securities and Exchange Commission during 2020, as the federal agency examines the adequacy of certain financial documents filed in 2019.
The company’s stock price closed Monday at $9.90 per share, which is roughly half of its 2020 high of $19.97 but well above the low of $3.40 recorded March 18, which was about the time the Energy Department started to reduce on-site staffing at most nuclear cleanup properties. Some stock market analysts have opined that companies such as Fluor, with billions of dollars’ worth of government-backed contracts, provide a safe harbor for investors in an economy in which other business sectors are reeling from the pandemic.
