Business Wire

Fluor Agrees to Acquire Stork Holding B.V., a Global Industrial Services Company

Del

Fluor Corporation (NYSE: FLR) and Stork announced today that Fluor has signed an agreement with UK-based private equity firm Arle Capital Partners to acquire 100 percent 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. Founded in 1827, Stork has built a powerful brand in the industry and has long-term relationships with a diverse range of blue chip customers. It has operations in Continental Europe, United Kingdom, the Middle East, Asia Pacific and the Americas, with an annualized run-rate revenue of approximately €1.6 billion ($1.7 billion) and EBITDA of approximately €100 million ($109 million), implying a transaction multiple of just under seven times EBITDA.

“The acquisition of Stork is consistent with Fluor’s goal to further enhance our integrated solutions capabilities in thoughtful, strategic ways that will increase the value we deliver to our clients and shareholders,” said Fluor’s Chairman and CEO David Seaton. “We are pleased to welcome Stork’s talented workforce of more than 15,000 employees, which will provide us with additional flexibility and capacity to increase our maintenance and direct construction activities. Stork is highly complementary to Fluor as it gives both businesses the opportunity to market diverse services and capabilities to new customers and across new geographies.”

“Stork’s business is largely driven by ongoing operating budgets and is therefore less impacted by volatile commodity prices. In addition, Stork’s continuous site presence will help us improve our ability to meet our customers’ needs throughout the full lifecycle of an operating plant, and provide Fluor with an ongoing earnings stream and robust growth opportunities,” Seaton added.

According to current Stork CEO Arnold Steenbakker, “We are very proud that a world-class company like Fluor recognizes Stork’s strong reputation, capable workforce and performance as a global industrial services provider. The combination will create new opportunities to expand our global footprint and deepen the product and services offering to our customers. Stork’s activities are complementary to those of Fluor and the combination will create a global leader in the industrial services business.”

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.

The acquisition is expected to be accretive to Fluor’s earnings per share in 2016. Fluor expects to achieve significant synergies including increased revenues from cross-selling and expansion into new markets.

The transaction multiple would be under six times Stork’s EBITDA including run-rate revenue synergies. Fluor intends to fully finance the cash required for the transaction through the issuance of debt in international markets. The acquisition is expected to close in the first half of 2016 and is subject to regulatory approvals and consultation procedures with Stork’s work council.

Goldman Sachs acted as exclusive financial adviser to Fluor.

About Stork

Stork offers services and products associated with maintenance, modifications and assurance of asset integrity of production facilities. The company delivers technical support that spans the asset lifecycles of its customers’ operations. From concept through to execution, Stork aims to reduce risk, assure safety and improve asset performance for its customers to enhance their profits. With more than 15,000 employees worldwide (Middle East, Asia, Europe, Africa and the Americas), Stork provides innovative solutions in the areas of asset integrity, maintenance, modifications, consultancy, inspections, repair, renovations, relocations and other related complex projects in the oil and gas, chemicals, petrochemicals, industrial and power markets.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is a global engineering and construction firm that designs and builds some of the world's most complex projects. The company creates and delivers innovative and integrated solutions for its clients in engineering, procurement, fabrication, construction, maintenance and project management on a global basis. For more than a century, Fluor has served clients in the energy, chemicals, government, industrial, infrastructure, mining and power market sectors. Headquartered in Irving, Texas, Fluor ranks 136 on the FORTUNE 500 list. With 40,000 employees worldwide, the company's revenue for 2014 was $21.5 billion. For more information, visit www.fluor.com or follow on Twitter @FluorCorp.

Forward-Looking Statements:  This release contains forward-looking statements (including without limitation statements using words such as "believes," "expects," “intends,” "anticipates," “will,” "plans," “goals” or other similar expressions) with respect to the acquisition of Stork. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Such forward-looking statements include, but are not limited to, statements about the benefits of the transaction, including anticipated future financial and operating results; synergies, accretion and growth rates; the Company’s plans with regard to Stork’s future operations, plans and objectives; the expected timing of completion of the transaction; and the Company’s plans to finance the transaction. Actual plans and results may differ materially as a result of a number of factors, including, among other things, failure to realize the expected benefits and synergies of the transaction; general economic and business conditions that affect the Company or Stork following the transaction; significant unknown Stork liabilities; changes in global, political, economic, business, competitive, market and regulatory forces; changes in tax and other laws, regulations, and policies; the loss of key senior management of Stork; the availability of international debt at favorable rates; and the delay or failure to receive regulatory approvals. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, the Company’s plans with regard to Stork and actual results may differ materially from its expectations and projections.

Additional information concerning risks and other uncertainties can be found in the Company's public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in the Company's Form 10-K filed on February 18, 2015. Such filings are available either publicly or upon request from Fluor's Investor Relations Department: (469) 398-7070. The Company disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.

Contact information

Fluor Corporation
Media Relations
Lisa Bottle, +1-469-816-2983
or
Janet Kearns, +44 7802 373466
or
Investor Relations
Geoff Telfer, +1-469-398-7070
or
Jason Landkamer, +1-469-398-7222
or
Stork Holding B.V.
Media Relations
Beatrijs van de Ven, +31 (0) 6 51 566 513

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Alps Electric to Exhibit at Major Chinese Trade Show ELEXCON 201714.12.2017 06:00Pressemelding

Japanese electronic components manufacturer Alps Electric Co., Ltd. (TOKYO:6770) (President: Toshihiro Kuriyama; Head Office: Tokyo) will exhibit at ELEXCON 2017, to be held at the Shenzhen Convention & Exhibition Center in Shenzhen, China, from December 21. The company will introduce a wide range of technologies, particularly in the Internet of Things (IoT) domain. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171213005033/en/ Alps Electric Booth Design (Graphic: Business Wire) At ELEXCON 2017, one of China’s largest electronics expositions, Alps Electric will showcase technologies and solutions targeting each of the Internet of Things (IoT), Mobile and Automotive markets. Exhibit Highlight: IoT Sensor Network Module A sensor module for collecting a variety of data,

Photo Press Release: Giant Gingerbread Burj Khalifa Unveiled at DXB14.12.2017 05:57Pressemelding

A 14 metre tall Burj Khalifa made of gingerbread takes centre stage at Dubai Airports’ Winter Wonderland DXB now open at Dubai International’s Terminal 3, B gates. “ Winter Wonderland DXB is the perfect way to get in the festive spirit just moments before jumping on a plane. An instagrammable village scene, set right in the middle of the airport, with entertainment for children and adults, visits from the main man in red on his sleigh and more!” said Helen Mellor-Mitchell, VP Media and Brand Engagement, Dubai Airports. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171213006275/en/ Winter Wonderland DXB arrives at Dubai International Airport (Photo: AETOSWire) Editors Notes Dubai Airports manages the operation and development of both of

As Part of the Fourth Annual Forum for Promoting Peace in Muslim Societies14.12.2017 05:20Pressemelding

Undersecretary-General Adama Dieng, United Nations Special Adviser on the Prevention of Genocide, announced a joint cooperation agreement between the United Nations and the Forum for Promoting Peace in Muslim Societies to organize ten research workshops to promote religious education in the Islamic world. Dieng said the agreement was attained following a set of previous meetings with His Excellency Shaykh Abdallah bin Bayyah, President of the Forum for Promoting Peace in Muslim Societies. Both parties discussed a potential cooperation between them to promote religious education via extensive academic programs, and agreed to organize ten research workshops the details of which shall be announced later. Dieng explained that the United Nations highly appreciates the efforts exerted by the Forum for Promoting Peace in Muslim Societies to promote tolerance and coexistence among p

Global Game Exhibition 'G-STAR 2017' Ends with a Big Finale14.12.2017 00:00Pressemelding

The global game exhibition ‘G-STAR 2017’ had attendees in 2,857 booths from 676 companies in 35 countries and was the largest ever held in history; amidst an enthusiastic response from industries and attendees it ended with a big finale. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171213005402/en/ G-STAR 2017 Public Area (Photo: Business Wire) ‘G-STAR 2017’ was hosted by the Korea Gaming Industry Association (K-GAMES) and managed by the G-STAR Organizing Committee and the Busan IT Industry Promotion Agency. It was held for four days from November 16 (Thursday) through November 19 (Sunday) at the Busan BEXCO. This was the 13th year for ‘G-STAR’, and it opened its doors to attendees with a variety of contents in an area approximately 55,300 square meters in size which included Exhib

IFF Declares Dividend for Fourth Quarter 201713.12.2017 21:15Pressemelding

Regulatory News: International Flavors & Fragrances Inc. (NYSE: IFF) (Euronext Paris: IFF), a leading innovator of sensory experiences that move the world, announced that its Board of Directors has declared a regular quarterly cash dividend of $0.69 per share of the Company’s common stock, payable on January 8, 2018 to shareholders of record as of December 29, 2017. Meet IFF International Flavors & Fragrances Inc. (NYSE:IFF) (Euronext Paris: IFF) is a leading innovator of sensorial experiences that move the world. At the heart of our company, we are fueled by a sense of discovery, constantly asking “what if?”. That passion for exploration drives us to co-create unique products that consumers taste, smell, or feel in fine fragrances and beauty, detergents and household goods, as well as beloved foods and beverages. Our 7,400 team members globally take a

Limelight Networks Enhances DDoS Security Services with Faster Mitigation of Malicious Website Attacks13.12.2017 19:18Pressemelding

Limelight Networks, Inc. (Nasdaq: LLNW), a global leader in digital content delivery, today introduced new capabilities to its DDoS Attack Interceptor Service that provide high-capacity on-network scrubbing and a scalable range of protection measures for web infrastructure, with the ability to easily increase protection as security requirements change. Protecting websites from online attacks and cyber threats is one of the most pressing security challenges today. For example, data from Limelight’s State of Cybersecurity Report: SE Asia shows consumers are very concerned about the security of ecommerce sites, with 72 percent saying they have a negative opinion of a brand after hearing that it has suffered a cyberattack. In addition, 51 percent of online websites feel they are vulnerable to attacks that could have significant financial and b

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom