Stork Industrial Services, a company supping the global offshore oil, gas and renewable industry, has been sold to US rival Fluor for US$755 million.
This latest sale comes after Stork sold off its Fokker Technologies arm to GKN earlier this year for 706 million Euros.
Stork Industrial Services Sold
The deal was confirmed Monday (7th), by Fluor, who said the deal was worth in the region of seven times the value of Stork’s annual turnover of 100 million Euros.
The modern day Stork Industrial Services comprises, RBG, a Scottish based rival acquired in 2011. The combined company was owned by investment firm Arle who originally purchased it through its subsidiary, Candover, in 2008 for a total of 1.6 billion Euros.
According to Arle, the new combined company will continue to be called Stork and be headquartered in the Netherlands.
The company also confirmed that the new management for the combined company will be made up of both Stork and Fluor current management.
Managing partner of Arle, John Amey said: “We are delighted with the agreed sale of Stork to Fluor which delivers a full exit at an attractive valuation, fairly reflecting the high quality of this business.
“We are confident that Fluor is an excellent new parent for Stork providing, as it does, a stable new platform for Stork to execute its growth plans and augment these with new avenues for expansion within the Fluor group.”
“On behalf of the Arle team, I wish the management and staff of Stork well for the future.”
Offshore Industrial Services
Stork provides the global offshore industry with a range of services, including fabric maintenance; insulation; pipeline installation; plating; welding; scaffolding and inspection.
Much of Storks bigger contracts are within Europe, and mainly centred on the North Sea.
The merger is expected to be finalised during the first half of 2016.