Fluor to diversify offerings with purchase of Netherlands­-based Stork

Fluor

Headquartered in Irving, Texas, construction giant Fluor Corporation is buying Stork, one of Europe’s oldest industrial companies, founded in 1827.

The purchase price for Stork is estimated at $755 million, for a company which specializes in maintenance and modification of large industrial facilities in the oil and gas, chemical, petrochemical, and power generation markets.

Stork has operations in continental Europe, the United Kingdom, the Middle East, Asia Pacific and the Americas with an annual run­rate revenue of about $1.7 billion and more than 15,000 employees.

Fluor is a global engineering and construction firm that designs and builds some of the world’s most complex mrga­projects in the energy, chemicals, infrastructure, industrial, mining and power market sectors. It ranks no. 136 on the Fortune 500 list.

“Stork is highly complementary to Fluor as it gives both businesses the opportunity to market diverse services and capabilities to new customers across new geographies,” said David Seaton, Fluor’s chairman and CEO.

After the acquisition Fluor will merge its operations and maintenance group with Stork and the combined group will be led by Arnold Steenbakker who will report directly to Seaton.

The management team will come from Stork’s existing management combined with the managers of Fluor’s operation and maintenance organization. It’s estimated that the new group will have 19,000 employees and an annual revenues of approximately $2.3 billion accretive to Fluor’s 2016 earnings per share.