Fluor Corporation(FLR) and China National Nuclear Corporation (“CNNC”) recently signed a memorandum of understanding (“MOU”) for developing nuclear and renewable energy projects in regions like Europe and China. Dave Dunning of Fluor and Qian Zhimin from CNNC signed the MOU in Beijing.
The scope of the MOU requires CNNC and Fluor to jointly explore the civil nuclear development prospects in the U.K., Germany and China. Apart from this, the two entities will also collaborate in the renewable energy sector especially regarding wind and solar power-based projects.
This MOU brings together the strength of the two companies in their respective spheres. Fluor has a strong foothold in the nuclear industry backed by its decade-long experience in the domain. The company’s decommissioning and commercial nuclear solutions are not only safe and reliable, but also economical.
On the other hand, CNNC is the leading investor for nuclear projects in China. Moreover, it foresees major research and development initiatives for nuclear technologies. The company also supplies nuclear fuel, and is the primary contractor for the engineering and construction of nuclear power stations in China. This MOU is expected to benefit both entities while thoroughly analyzing the scope of further development in Europe and China.
Fluor currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks worth considering in the sector include Willdan Group, Inc. (WLDN), AECOM Technology Corporation (ACM) and AO Smith Corp. (AOS). While Willdan and AECOM both sport a Zacks Rank #1 (Strong Buy), AO Smith holds a Zacks Rank #2 (Buy).
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