Fluor Corp. said Wednesday that its Fluor Daniel operating unit has agreed to sell its environmental cleanup subsidiary for $36.3 million as part of an ongoing streamlining effort.
Irvine-based Fluor acquired its controlling stake in the environmental company, Groundwater Technology Inc., less than 30 months ago, paying $33.4 million at the time.
The company, now called Fluor Daniel GTI, specializes in cleaning up contaminated soil, water and air supplies for commercial customers.
The deal calls for Texas-based IT Group to pay $8.25 a share for Fluor Daniel GTI. The purchase includes the 4.4 million shares--representing a 52% stake--owned by Fluor Daniel.
Word of the sale sent Fluor Daniel GTI's stock spiraling in the Nasdaq market. The shares gained 37%, or $2.19, to close at $8.06. Fluor stock rose 13 cents to $38,50 on the New York Stock Exchange, while IT Group's shares gained $1 to close at $8.75, also in Big Board trading.