(RTTNews.com) – Fluor Corp. and Stork announced that Fluor has signed an agreement with UK-based private equity firm Arle Capital Partners to acquire 100 percent of Stork Holding B.V. for an investment of $755 million.
Upon closing of the acquisition, Fluor will begin combining its Operations & Maintenance organization with Stork. The acquisition is expected to be accretive to Fluor’s earnings per share in 2016.
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, United Kingdom, the Middle East, Asia Pacific and the Americas.
The combined group, branded Stork, will be headquartered in the Netherlands. Arnold Steenbakker, Stork CEO, will lead the combined group. The management team will be formed by Stork’s existing management combined with the managers of Fluor’s Operations & Maintenance business.
Norway’s Elkem said on Friday it has agreed to sell the majority of its Silicones division to its biggest owner, China’s Bluestar, and that the Chinese company would cease to be a shareholder in the Norwegian group following the transaction.
Ahead of the European Council meeting in Alden Biesen, the Antwerp Declaration Community called on EU Heads of State and Government to take urgent and bold action to restore Europe’s industrial competitiveness, safeguard high-quality jobs for European workers, and turn the Clean Industrial Deal into outcomes felt on factory floors in 2026.
Sika has agreed to buy Turkey-based adhesives manufacturer Akkim Sealants & Adhesives, the Swiss specialty and construction chemicals major said on Friday. Akkim operates two facilities in Turkey and Romania producing polyurethane (PU) foams, adhesives, sealants, coatings and other chemicals, with an additional site in Turkey in the works.
