Fluor has divested its equity stake in the ICA-Fluor Daniel joint venture to its existing partner ICA for $175 million. The joint venture, formed in 1993, has completed numerous projects in Mexico's oil and gas, power, mining, and manufacturing markets. Fluor CEO Jim Breuer stated that given current strategic priorities, this is the right time to conclude the long-standing JV, allowing ICA to grow independently while Fluor focuses on other growth areas. The expected gain on sale, combined with year-to-date operating income from the JV, will exceed Fluor's anticipated 2026 earnings contribution from ICA-Fluor Daniel. Fluor will provide additional details and update guidance on its second quarter earnings call on August 7.
Fluor CorporationFluor sells JV stake for $175M, expects gain to exceed 2026 earnings contribution.
ICA acquires full ownership of JV for $175M, gaining control and growth independence.