Fluor Corp., a global engineering and construction firm based in Irving, TX, announced it has signed an agreement with UK-based private equity firm Arle Capital Partners to acquire 100% of Stork Holding B.V., based in the Netherlands, for an investment of €695 million ($755 million).
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, industrial and power markets.
Upon closing of the acquisition, Fluor will begin combining Fluor’s Operations & Maintenance organization with Stork. Current Stork CEO, Arnold Steenbakker, will lead the combined group and report directly to Fluor’s CEO, David Seaton. The management team will be formed by Stork’s existing management combined with the managers of Fluor’s Operations & Maintenance business. The combined group, branded Stork and headquartered in the Netherlands, will have an annual turnover of approximately €2.1 billion ($2.3 billion) and a total of approximately 19,000 employees.
Read the full news release on fluor.com.