Fluor, the lead parent of Savannah River Nuclear Solutions, has reversed course on the sale of a locally influential business.
The Irving, Texas-based engineering and construction giant will not sell its government division, which handles nuclear and defense work. The decision was announced Tuesday morning.
The company last year said it would sell its government-contracting and equipment businesses in a bid to raise money – about $1 billion – and hopefully right the corporate ship. The equipment business, AMECO, will still be sold.
"We are excited about retaining this important and attractive asset that provides us exposure to long-term clients…," Fluor CEO Carlos Hernandez said in a prepared statement. "Furthermore, our significantly enhanced risk criteria and oversight will play a critical role in how we manage the government business going forward."
Fluor is one of three companies behind Savannah River Nuclear Solutions, the team that is essentially in charge of the Savannah River Site south of Aiken. When the now-nixed divestiture was first announced, a Fluor spokesperson told the Aiken Standard the company "remains committed to fulfilling its contractual obligations for all of its government projects, including SRNS."
Fluor at one point, alongside partner Westinghouse, bid on a Savannah River Site liquid-waste contract. That contract has since been canceled in favor of the upcoming Savannah River Site Integrated Mission Completion Contract.
Separately, Fluor on Tuesday disclosed it was being investigated by the U.S. Securities and Exchange Commission. The commission is looking into "past accounting and financial reporting," the company said, adding it is conducting a probe of its own.
Fluor's stock fell sharply Tuesday. It hadn't bounced back as of early Wednesday.