Fluor, one of the world's largest international engineering, procurement, construction, maintenance, operations and consulting companies, announced last week that, subject to shareholder approval on Nov. 30, the company will separate into two publicly traded entities.
It's coal production subsidiary, A.T. Massey Coal, will be renamed Massey Energy Company, and existing Fluor shares will continue to be traded temporarily under the new "MEE WI" symbol on the NYSE until shareholders approve. Then the shares will be traded as "MEE". Shares representing the remainder of Fluor's operations will be temporarily traded under the new "FLR WI" symbol on the exchange beginning Dec. 1.Assuming shareholder approval, shares of the "new" Fluor will be deliverable on December 21 and listed on the exchange as "FLR".
Shareholders of record of the company's existing stock on Nov. 30 will receive one share of "new" Fluor stock for each share of existing stock they own and will retain their shares of existing stock traded asMEE. All shares will be traded on a "regular way delivery" basis.
With 50 offices worldwide employing 50,000 workers, and 75,573,000 outstanding shares, Fluor Corp. recently reported fourth-quarter earnings for continuing operations for its fiscal year ended Oct.31, 2000, of $34.1 million, compared to $33.6 million for the same period of 1999.
For the year, earnings from continuing operations were $118.4 million, compared to $127.2 million for fiscal year 1999. Earnings for A.T. Massey, reported as discontinued operations were reported as a net loss of $4.6 million for the fourth quarter and $36.9 million for the year, compared to $77.5 million last year.
Revenues for the year were $10 billion, compared to $11.3 billion in fiscal 1999. Fourth-quarter results were impacted by a $25-million pretax charge for Fluor Global Services and $25 million for discontinued operations resulting from the spinoff of A.T. Massey.
"The strengthening external business environment and refocusing of the corporation's resources to capitalize on growth opportunities for knowledge-based services are expected to position Fluor to enhance shareholder value," says chairman/CEO Phillip J.Carroll, Jr.
Just last month Fluor was recognized by Fortune Magazine as the No. 1 engineering and construction company in its annual listing of "The World's Most Admired Companies."
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