Closing of Stork sale to Fluor Corp
Fluor Corporation (NYSE: FLR) announced today that the company closed its acquisition of Stork Holding B.V. Fluor announced in early December 2015 that the company had agreed to purchase 100 percent of Stork’s shares from Eyrir Invest, Arle Capital Partners and co-investors.
“I welcome our 15,000 new colleagues from Stork and we are excited to have them join the Fluor family,” said David Seaton, chairman and CEO of Fluor. “Fluor’s most important asset is its people, and we are fortunate to have found in Stork a company that shares the same values, pride and global heritage as we do.”
Stork is a global provider of maintenance, modification and asset integrity services associated with large existing industrial facilities in the oil and gas, chemicals, petrochemicals, and power markets. Founded in 1827, Stork has long-term relationships with a diverse range of customers. It has operations in Continental Europe, the United Kingdom, the Middle East, Asia-Pacific and the Americas.
Stork’s business model is primarily based on ongoing operating budgets that are less impacted by capital spending plans and volatile commodity prices. The addition of Stork’s capabilities to the Fluor portfolio will help meet customers’ needs throughout the full lifecycle of an operating plant.
Stork, along with Fluor’s current Operations & Maintenance organization, will be led by Stork CEO Arnold Steenbakker and reported financially under the Global Services business segment.