Fluor sells European industrial service business
By Lewis Tyler07 September 2023
Fluor Corporation has sold its Stork business to German engioneering Bilfinger. The purchase price of the transaction has not been revealed.
The sale of Stork includes its operating units in the Netherlands, Belgium and Germany as well as its turbo blading manufacturing operation in the US.
Headquartered in Mannheim, Bilfinger specialises in civil and industrial construction and provides engineering and maintenance services in Europe, North America and the Middle East.
Bilfinger said the purchase is in line with its strategy of strengthening its core business and will add more than 2,700 permanent employees and revenues of about €500 million.
In addition, the company said it will enable it to increase the number of skilled employees in Belgium and the Netherlands, where it is planning to increase its presence.
Fluor says the deal is part of its strategic focus on its core business and capital priorities.
Bilfinger Group CEO Thomas Schulz said, “With this acquisition, we are implementing our strategy like clockwork and delivering on our promises – and that also applies to our M&A activities. We are looking forward to welcoming our highly-qualified colleagues from Fluor’s industrial service business Stork upon successful closing.
“This transaction is a perfect strategic fit as it supports Bilfinger’s market position in Europe, creates strong value for our customers and strengthens the Group’s profitable growth. This is in the best interest of all our shareholders and employees, and reiterates our mid-term targets.”
Pending approval, the deal is expected to close in the first half of 2024 with Stork’s integration into Bilfinger to be finalised by 2025.