Engineering and construction firm Fluor Corp. (NYSE: FLR), Irving, TX, has agreed to acquire Stork Holding B.V., based in the Netherlands, from UK-based private equity firm Arle Capital Partners, for €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. It has operations in Continental Europe, the United Kingdom, the Middle East, Asia Pacific and the Americas.
Fluor will combine its operations & maintenance organization with Stork. The combined group, branded Stork and headquartered in the Netherlands, will have 19,000 employees. Current Stork CEO, Arnold Steenbakker, will lead the combined group and report directly to Fluor’s CEO, David Seaton.