Engineering and construction company Fluor  (FLR) - Get Report said it will cut its dividend by 52% and sell its equipment and government businesses.

The changes are part of a strategic review by the company.

A statement by the company anticipates proceeds of more than $1 billion from the asset sale, as well as "overhead cost reductions of $100 million."

Fluor said it will slash the dividend to 10 cents a share from 21 cents starting at the next dividend declaration.

The result of the restructuring is expected to turn Fluor into "a stronger and more profitable business in early 2020," the company said. 

"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," said Fluor CEO Carlos Hernandez in a statement.

The shares were down tumbling 10.87% to $18.45 in trading Tuesday.

Constable owns none of the securities listed in this story.