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Fluor Corp. disclosed Thursday that it will not provide severance pay or benefits to the 5,000 employees it will fire in the next nine months, a move that labor experts said could hurt the company in the long run. The international engineering and construction services giant will provide outplacement services to the workers, mainly engineers and other professionals, a spokeswoman said. Employees will be given at least two weeks' notice before dismissal. About half of those to be fired work in the United States, including as many as 700 at Fluor's corporate headquarters in Irvine, the company said.
Fluor, which has more than 30,000 salaried employees worldwide, said earlier this month that it needs to slash operating expenses to offset a shrinking business base.
Fluor shares fell $1.44 to close at $28.19 on the New York Stock Exchange. (John O'Dell)
Filing Detail; Fluor Chairman Pay; California: News and Insight on Business in the State; STATE / ENGINEERING & CONSTRUCTION,
Tuesday, February 2, 1999
Home Edition Section: Business
ID. 0990010074 Words: 122
Byline: Bloomberg News
Fluor Corp. gave Philip J. Carroll Jr. $10.8 million of cash, restricted stock and options in July when he became chairman and chief executive of the Irvine-based construction and engineering firm, which is one of the world's largest. Carroll, 61, was granted a $750,000 cash signing bonus, restricted stock worth $ 6.8 million and options valued at $3.2 million according to a proxy filing with the Securities and Exchange Commission. Carroll headed Shell Oil Co., the U.S. arm of the Royal Dutch/Shell Group
July 13 2002