Texas-based engineering and construction firm Fluor announced it would cut its dividend to $0.10 per share, from $0.21 per share, and sell $1 billion in assets following a strategic review.

The company said it was initiating plans to sell its construction equipment rental company, AMECO, and its government business, and to monetize surplus real estate and non-core investments. It said it expected proceeds would be in excess of $1 billion.

The moves were expected to produce overhead cost reductions of $100 million and net restructuring charges of $150 million to $200 million in the second half of 2019, extending into 2020.

The review looked at Fluor’s entire portfolio of businesses including Stork, COOEC-Fluor Heavy Industries, and NuScale.

“With this review behind us, we are focusing more than ever before on long-term value creation and operational excellence, and we remain dedicated to moving Fluor forward for the benefit of all of our stakeholders,” chief executive officer Carlos Hernandez said in a statement.

CEO David Seaton resigned May 1 after the company reported a net loss of $58 million for the first quarter. Peter Fluor, who has been a board member since 1984, is not standing for reelection next year.

Fluor also elected Thomas Leppert and David Constable as new board members and formed a Commercial Strategies & Operational Risk committee that will be chaired by Constable. The company said it was adopting a new organizational structure and shifting to a model in which business groups have direct control over the functions that support operations.

Project delays have reportedly hurt profits at the company, which  has a $6 billion project backlog in Texas.

Lazard has been serving as an advisor during the review.

Fluor shares, which have fallen nearly a third since it reported its second-quarter loss on Aug. 1, were down another 10% in Tuesday morning trading.

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