Recent history
During the restructuring, Fluor's core construction and engineering work was diversified into 30 industries including food, paper manufacturers, prisons and others to reduce its vulnerability to market changes in the oil and gas market.[15][26] In the 1990s, the company tried to change its image, calling itself a "diversified technical services" firm.[15][28] It started offering equipment rentals, staffing services, and financing for construction projects.[15][28] The company began offering environmental cleanup and pollution control services, which grew to half of its new business by 1992.[18] Fluor's mining business grew from $300 million in 1990 to $1 billion in 1994.[29] The US government passed environmental regulations in 1995 that led to growth for the Massey Coal Co. business, because it had large reserves of low-sulfur coal.[30] In 1992, Fluor sold its ownership of Doe Run Company, the world's largest producer of refined lead, which was losing money at the time due to declining lead prices.[31] By 1993, Fluor had revenues of $4.17 billion and 22,000 staff.[4]
In 1997, Fluor's revenues fell almost 50 percent, in part due to the Asian financial crisis and a decrease in overseas business.[32][33] Additionally, it suffered losses from an over-budget power plant project[34] in Rabigh, Saudi Arabia. Fluor was a sub-contractor to General Electric for the project. Fluor's subsidiaries sued GE alleging that it misrepresented the complexity of the project.[35] Though revenues declined further the following year, profits were increasing.[4] In 1999, nearly 5,000 workers were laid off from Fluor Daniel and 15 offices were closed. Fluor Daniel was re-structured into four business groups: an engineering and construction firm called Fluor Daniel; an equipment rental, staffing and telecommunications division called Fluor Global Services; a coal-mining business called A.T. Massey Coal Co. and an administrative and support division called Fluor Signature Services.[36]
In January 1998, McCraw (age 63) resigned after being diagnosed with bladder cancer[37][38] and was replaced by former Shell Oil President, Philip J. Carroll.[39] That same year, IT Group purchased a 54 percent interest in Fluor Daniel GTI, Fluor's environmental division, for $36.3 million.[4] Two years later, the coal mining operation under the A.T. Massey Coal Co. name (part of St. Joe) was spun off into its own business.[40] In 2001, Fluor's four primary subsidiaries were consolidated into a single Fluor Corporation.[7] In 2002 Alan Boeckmann was appointed as the CEO, followed by David Seaton in 2011.[7] In 2005, Fluor's headquarters were moved to the Las Colinas area in Irving, Texas.[41]
In December 2015, Fluor announced that it would take over Dutch industrial services company Stork.[42] The acquisition of this company, which modifies and maintains large power plants, was completed in March 2016, in a stock purchase worth $755 million.[43] Fluor Corporation announced September 07, 2023 that it has agreed to sell its Stork business in Belgium, Germany, the Netherlands, as well as its turbo blading manufacturing operations in the United States to industrial services provider Bilfinger SE.[44]
In May 2019, David Seaton stepped down as CEO and was replaced by Carlos Hernandez, who joined the firm in 2007.[45] In 2020, Fluor announced chairman of the board David E. Constable would be appointed to the CEO position, starting in 2021.[46] He was subsequently replaced by Jim Breuer in 2025.[47]
In October 2025, it was reported that activist investor Starboard Value took a nearly 5% stake in Fluor. Starboard suggested Fluor should benefit from policies in the second Trump administration which would accelerate a wave of planned investments in the US.[48]
