ZURICH - Tuesday, October 4th 2016 [ME NewsWire]
Partnership combines ABB’s leading market position in power technologies with Fluor’s expertise in managing large engineering, procurement and construction projects
Partnership to capture new growth opportunities for both companies
(BUSINESS WIRE)-- ABB and Fluor have formed a global strategic partnership for the execution of large turnkey engineering, procurement and construction (EPC) projects for electrical substations. By combining ABB’s world-leading technology and its market leadership position in power transmission and distribution with Fluor’s expertise and experience in delivering large EPC projects, the partnership will help meet the evolving need of power grids across the globe for safe, reliable and state-of-the-art electrical substations.
“We are proud to partner with Fluor to tap the vast opportunities of the ongoing Energy Revolution and related power infrastructure investments. Together, we intend to grow our businesses by complementing each other’s strengths in unique customer services for substation projects,” said ABB CEO Ulrich Spiesshofer. “Strategic partnerships like this are a core pillar of our Next Level strategy and help us to drive growth while mitigating risk.”
Substations are key elements in power grid infrastructure that facilitate the efficient transmission and distribution of electricity. They control and protect power flows, connect power stations to the grid and link transmission and distribution networks as well as end consumers.
“Fluor’s new global strategic partnership with ABB targeting the substation market is expected to 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.”
ABB is a world leader in air-insulated, gas-insulated and hybrid substations with voltage levels up to 1,200 kV. These substations facilitate the efficient and reliable transmission and distribution of electricity with minimum environmental impact. They serve utility, industry and commercial customers as well as sectors including railways, urban transportation and renewables.
“This global partnership with Fluor reinforces our strategic focus on developing new business models as we continue to transform our business to generate enhanced customer value,” said Claudio Facchin, President of the Power Grids division.
ABB (ABBN:SIX Swiss Ex) is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids serving customers in utilities, industry and transport & infrastructure globally. For more than four decades, ABB is writing the future of industrial digitalization. With more than 70 million devices connected through its installed base of more than 70,000 control systems across all customer segments, ABB is ideally positioned to benefit from the Energy and Fourth Industrial Revolution. With a heritage of more than 130 years, ABB operates in more than 100 countries with about 135,000 employees. www.abb.com
Fluor Corporation (NYSE:FLR) is a global engineering, procurement, fabrication, construction and maintenance company that designs, builds and maintains capital-efficient facilities for its clients on six continents. For more than a century, Fluor has served our clients by delivering innovative and integrated solutions across the globe. With headquarters in Irving, Texas, Fluor ranks 155 on the FORTUNE 500 list with revenue of $18.1 billion in 2015 and has more than 60,000 employees worldwide. For more information, please visit www.fluor.com or follow us on Twitter@FluorCorp.
Important notice about forward-looking information
This press release includes forward-looking information and statements. These expectations, estimates and projections are generally identifiable by statements containing words such as “expects,” “believes,” “estimates,” “targets,” “plans,” “is likely”, “intends” or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release and which could affect our ability to achieve any or all of our stated targets. Although ABB Ltd believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161003006677/en/
+41 43 317 65 68
Brian Mershon/Brett Turner
Geoff Telfer/Jason Landkamer