U.S. based LNG engineer Fluor on Monday informed it has agreed to acquire Stork, a Dutch industrial services company, from Arle Capital Partners. The deal is valued at €695 million ($755 million).
Upon closing the acquisition, Fluor will begin combining its operations and maintenance organization with Stork, the provider of maintenance, modification and asset integrity services associated with large existing industrial facilities in the gas, oil, and power markets, Fluor’s statement reads.
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 will be headquartered in the Netherlands.
Fluor said that the acquisition is expected to close in the first half of 2016.
LNG World News Staff