Most construction companies have been hurt by sharp cutbacks in corporate capital spending plans. But not Fluor Corp. Riding the crest of a mighty global wave of spending for energy projects—pipelines, drilling rigs, refineries—the Los Angeles-based engineering firm has won more business than almost any other heavy construction firm. It has a current backlog of projects worth an incredible $10 billion.
What makes this record doubly remarkable is that the company was in trouble as recently as 1972. Its major clients, the oil and petrochemical industries, sensed that they had enough facilities...
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