13 September 2012

Fluor and AG&P Form Joint Venture in the Philippines

Irving, Texas – 13 September 2012 (BUSINESS WIRE) - Fluor Corporation announced today that it has formed a new joint venture with AG&P, a Philippines-based company that specializes in modular engineering and fabrication services. The new entity, called AG&P Fluor Joint Venture Company, Inc., will provide a full range of integrated engineering, fabrication, module assembly and construction services to Fluor’s clients. 

“Consistent with our growth strategy, this new venture with AG&P enables Fluor to provide our clients with an integrated construction model that is both cost effective and will help reduce construction schedules thereby increasing our clients’ ability to bring their project to completion faster,” said Peter Oosterveer, president of Fluor's Energy & Chemicals Group. “Fluor and AG&P have a long-standing business relationship and history of working together in the Philippines over the past 25 years. We look forward to strengthening this relationship to improve our clients’ projects and meet their business needs.” 

As part of the partnership, Fluor will bring its expertise and technology in engineering, procurement, construction management and project management services across a wide range of industries. AG&P will leverage its experience providing fabrication and modularization services for clients in the oil and gas, power, chemical and mining industries. 

AG&P is enormously excited by the prospect of supporting Fluor’s modularization requirements in the future,” said Joseph Sigelman, Chairman of AG&P. “AG&P brings to this partnership our deep and talented pool of Filipino craftsmen and women who take great pride in their work, a strong operational and technical backbone and a safety culture built over time, which complements our 112-year heritage. AG&P stands as a new champion of the Philippines, our home, as we support modules for Fluor’s clients, made mission-ready in our dedicated, state-of-the-art yard.” 

This year marks Fluor’s 100th anniversary as a corporation as well as its 25th year of providing engineering, procurement, construction and project management services in the Philippines. The company’s local 2,200 professionals working in offices in Manila and Cebu support a wide range of clients in the oil and gas, chemicals, power and mining industries worldwide. 

AG&P, established in the Philippines in 1900, fabricates modules for refineries, power plants, offshore platforms and mining processing and refining operations. The company serves multinational customers domestically and around the world. 

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 engineering, procurement, construction, commissioning, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 200 company and had revenue of $23.4 billion in 2011. 

Source: Fluor