Stork engineering sold to US company Fluor
British private equity group Arle Capital is selling Dutch engineering firm Stork Technical Services to American company Fluor for €695m.
Stork Technical Services focuses on installations for the oil, gas and petrochemicals industry.
Fluor will merge its Operations & Maintenance units with Stork, creating a new company with a workforce of some 19,000 and annual turnover of over €2bn.
The new-look Stork will be based in the Netherlands and headed by Stork’s chief executive Arnold Steenbakker.
Arle took over the company in 2010 when it bought parent firm Stork from private equity group Candover. In July, Arle sold the other main Stork unit, Fokker Technologies, to British engineering company GKN for €706m.
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