Fluor Corp. Completes Deal to Divide Assets of Massey Coal
The Fluor Corp. of Irvine said Tuesday that it has completed a previously announced agreement with Shell Oil Co. to divide the assets of jointly owned A.T. Massey Coal Co. of Richmond, Va.
Under the agreement, which has been cleared by the Federal Trade Commission, Fluor will retain Massey and a number of its coal operations in Kentucky, Tennessee, Pennsylvania and West Virginia. Those operations generated revenue of $631 million in 1986. Shell will retain other Massey operations, including two coal export terminals.
As part of the transaction, Fluor will receive more than $100 million, and about $40 million in debt will be eliminated from Fluor’s books. Fluor said it will use a portion of the cash to further reduce its debt.
The asset distribution will not result in a net gain or loss to Fluor.
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