United Rentals Announces North American Industrial Joint Venture with Fluor’s AMECO
Greenwich, CT - Aug 15, 2010
United Rentals (NYSE:URI) announced today that it has agreed to form a joint venture with Fluor Corporation’s (NYSE:FLR) AMECO unit to offer comprehensive equipment and tool solutions for ongoing plant maintenance and turnaround activities initially supporting the oil and gas industry in the Gulf Coast region of the U.S.
Michael Kneeland, chief executive officer of United Rentals said, “We are excited to join with AMECO to offer more inclusive solutions to customers and create opportunities that may not otherwise exist. This partnership allows both companies to expand their presence in the energy market while remaining focused on our core competencies. For our customers, an integrated source of supply means greater productivity.”
“AMECO’s expertise in providing project tools and site services, coupled with a world class safety culture is a complementary fit with United Rentals’ significant rental fleet infrastructure and technology capabilities,” said Gary Bernardez, president of AMECO. “The combined resources of the two companies will provide a seamless, one-stop shop for oil and gas customers at their project sites throughout the Gulf Coast region.”
The AMECO and United Rentals joint venture plans to provide full turnkey services and comprehensive offerings along with an industry-leading safety program. It will offer customized solutions based on customers’ needs with the ability to scale to appropriate levels quickly and nimbly.
United Rentals has the largest fleet and geographic coverage for equipment rental in the U.S. AMECO’s in-house tool and maintenance expertise together with its site management services expertise will provide additional value to customers during turnarounds, shutdowns and sustaining operations.
About United Rentals
United Rentals, Inc. (NYSE:URI) is the largest equipment rental company in the world, with an integrated network of 554 rental locations in 48 states and 10 Canadian provinces. The company’s approximately 7,400 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers for rent approximately 3,000 classes of equipment with a total original cost of $3.8 billion. United Rentals is a member of the Standard & Poor’s MidCap 400 Index and the Russell 2000 Index® and is headquartered in Greenwich, Conn. Additional information about United Rentals is available at unitedrentals.com.
AMECO, a unit of Fluor Corporation (NYSE: FLR), is the world's leader in integrated mobile equipment and tool solutions and has provided a wide range of services to construction, mining, government and industrial markets across the globe for over 60 years. The company is focused on three primary businesses: operations fleet services, construction site services and equipment distribution. For more information, visit www.ameco.com.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) designs, builds and maintains many of the world's most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenues of $22 billion in 2009. For more information, visit www.fluor.com.
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of forward-looking terminology such as “expect,” “may,” “will,” or “plan,” or the negative thereof or comparable terminology, or by discussions of strategy or outlook. Such forward-looking statements are subject to a variety of risks and uncertainties, many of which are beyond our control, and, consequently, actual results may differ materially from those projected. Factors that could cause actual results to differ materially from those projected include, but are not limited to, the following: (1) greater than expected costs or unexpected delays associated with the establishment and development of the joint venture, (2) customer interest in and acceptance of the joint venture, (3) changes in plans with respect to the marketing and focus of the joint venture, (4) the financial performance of the joint venture and other factors which impact the resources available to the joint venture and (5) other factors which are discussed in Fluor Corporation’s and United Rentals, Inc.’s public announcements and SEC filings. Neither party undertakes any obligation to update these forward-looking statements for events occurring after the date of this press release.
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