Fluor, the leading partner behind Savannah River Nuclear Solutions, on Tuesday announced it will be selling its equipment and government businesses, the latter of which handles nuclear and defense work.
The planned divestiture follows a series of rough moments for the major engineering, procurement and construction company, and a related so-called strategic review. In May, Fluor announced its chief executive officer had left. It also reported a net loss of $58 million for 2019's first quarter, ending March 31.
Fluor, via the sale and other actions, hopes to generate more than $1 billion, according to a Tuesday morning release. That could help right the ship.
"Together with our board of directors and outside advisers, we took an extensive and comprehensive look at our broader business to determine the best strategic path to return the company to consistent profitable growth," the release reads.
Irving, Texas-based Fluor is one of three parent companies behind Savannah River Nuclear Solutions, the contractor that has for about a decade essentially run the Savannah River Site, which is roughly 30 minutes south of Aiken.
The U.S. Department of Energy in July announced a 14-month, $1.5 billion contract extension for SRNS. The extension keeps SRNS in place through September 2020; two other 12-month options beyond that mean the contractor could stay through September 2022.
Fluor also, alongside partner Westinghouse, bid for a liquid-waste contract at SRS. That procurement has since been terminated.
A Fluor spokesperson Tuesday morning said the newly unveiled plans will have "no immediate impact" on ongoing operations, adding that Savannah River Nuclear Solutions, its mission and its workforce will not be disrupted.
"Fluor remains committed to fulfilling its contractual obligations for all of its government projects, including SRNS," the spokesperson told the Aiken Standard.