A release issued by Fluor and ABB indicated the merger will combine ABB’s strong technology and its market leadership in power transmission and Fluor’s expertise and experience in delivering large EPC projects.
“Fluor’s new global strategic alliance with ABB targeting the substation market will bring unique synergies to our Power clients,” said David Seaton, chairman and CEO of Fluor. “This approach exemplifies our focus on addressing client needs with our unique integrated solutions offering.”
“Together, we will grow our businesses by complementing each other’s strengths for unique customer services for large substation projects,” said ABB CEO Ulrich Spiesshofer. “Strategic alliances like this are a core pillar of our Next Level strategy and help us to drive growth while mitigating risk.”
The partnership will be formalized by the end of the year.
The Wall Street Journal reported Tuesday that ABB rebuffed calls from some of its largest shareholders to spin off its power grid unit, saying it would revamp the division instead.