(FLR) Fluor Wins Dow Contract

Fluor Corporation (FLR) has won a contract from The Dow Chemical Company (DOW) for providing basic engineering and design services on its propane dehydrogenation (‘PDH’) expansion project in Freeport, Texas. The contract value is yet to be disclosed and is expected to be made in the second quarter of 2011.

Dow Chemicals is engaged in specialty chemicals delivering products and solutions to sectors such as electronics, water, energy, and coatings. It has selected Fluor as a partner for this important expansion project in Texas. The basic engineering has been planned to be executed in Fluor’s Houston, Texas office with support from Manila office, Philippines. Upon completion, the facility will produce polymer-grade propylene.

With this contract on board, both the companies look forward to leverage on the United States’ renewed focus on the chemical industry strategizing on growth and expansion.

Earlier, the company won the engineering, procurement and construction (‘EPC’) contract for the Showa Denko plant in order to expand the graphite products manufacturing facility of Showa Denko Carbon Inc. in Ridgeville, South Carolina. As recorded, Fluor has successfully delivered several contracts of U.S.federal government over the past several years.

Headquartered in Irving, Texas, Fluor Corporation is one of the largest professional services firms. It is the primary service provider to the U.S. federal government and acts mainly through its subsidiaries. The company’s prime competitor is Jacobs Engineering Group (JEC).

We continue to maintain a Neutral rating on Fluor Corporation, with a Zacks #3 Rank (Hold recommendation) over the next one-to-three months.

DOW CHEMICAL (DOW): Free Stock Analysis Report

FLUOR CORP-NEW (FLR): Free Stock Analysis Report

JACOBS ENGIN GR (JEC): Free Stock Analysis Report

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