Siemens reaches long-term cooperation agreement with Fluor
Fluor is responsible for the implementation of a wide range of major projects worldwide. "As a result of this long-term partnership, Siemens can be involved in project development right from the beginning," said Wolfgang Heuring, Siemens' Corporate Executive Sponsor for Fluor and CEO of Siemens Energy's Medium Voltage business unit. "This cooperation will enable the two companies to provide the maximum benefit to the end client at an early stage. We can thus simplify the project development process and make optimum use of the resources of the two companies. The two businesses will decide on a case-to-case basis how Siemens can provide the end client with the best possible support."
This agreement enables Fluor to take advantage of Siemens' broad solution and product range of the Oil & Gas, Power Transmission and Power Distribution Divisions of Siemens Energy, as well as those of the Industrial Automation, Drive Technology and Industrial Solutions Divisions of the Siemens Industry Sector. Siemens' presence in more than 190 countries around the world and its global manufacturing locations demonstrate that Siemens is close to the vast majority of Fluor's clients and can utilize locally added value, where appropriate. Early involvement of Siemens will help to ensure that components with long lead times are available and reduce the likelihood that supply bottlenecks or unexpected high price fluctuations occur. An additional component of the agreement is that Siemens will also handle the coordination with licensing authorities or other project partners for defined subprojects.
"This agreement is the result of Siemens' extensive product portfolio and its global presence," said Steve Hamman, Fluor's Executive Sponsor for Siemens. "The formalization of our relationship will enable closer cooperation in the future between our two companies, including greater support for mitigating costs and schedule risks on complex projects."
Fluor Corporation (NYSE: FLR) provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance and project management. Headquartered in Irving, Texas, Fluor is a FORTUNE 500 company with revenues of $16.7 billion in 2007. For more information visit www.fluor.com.
The Siemens Energy Sector is the world's leading supplier of a complete spectrum of products, services and solutions for the generation, transmission and distribution of power and for the extraction, conversion and transport of oil and gas. In fiscal 2008 (ended September 30), the Energy Sector had revenues of approximately EUR22.6 billion and received new orders totaling approximately EUR33.4 billion and posted a profit of EUR1.4 billion. On September 30, 2008, the Energy Sector had a work force of approximately 83,500. Further information is available at: www.siemens.com/energy.
The Siemens Industry Sector (Erlangen, Germany) is the worldwide leading supplier of production, transportation, building and lighting technologies. With integrated automation technologies as well as comprehensive industry-specific solutions, Siemens increases the productivity, efficiency and flexibility of its customers in the fields of industry and infrastructure. The Sector consists of six Divisions: Building Technologies, Drive Technologies, Industry Automation, Industry Solutions, Mobility and Osram. With around 222,000 employees worldwide Siemens Industry posted a profit of EUR3.86 billion with revenues totalling EUR38 billion in fiscal year 2008 (ended September 30). www.siemens.com/industry
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. The company has around 430,000 employees (in continuing operations) working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of solutions for individual requirements. For over 160 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. In fiscal 2008, Siemens had revenue of €77.3 billion and income from continuing operations of €5.9 billion (IFRS). Further information is available on the Internet at: www.siemens.com.