Fluor buys Stork for $755 million to boost energy maintenance business

Irving-based Fluor Corp. said it will buy the Netherlands’ Stork Holding for $755 million in order to greatly expand its global energy maintenance and asset management business.

Fluor said it will acquire 100 percent of Stork from United Kingdom-based Arle Capital Partners, but that Fluor will keep the Stork brand name and most of its leadership.

Fluor is an energy engineering and construction giant that calls Texas home, while Stork focuses more on serving and maintaining major energy and petrochemical plants throughout their life cycles. Stork has a presence in Houston and New York, but it is primarily a European company that maintains a footprint in the Middle East, South America, Russia, Malaysia, Singapore and Australia.

“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,” said Fluors Chairman and CEO David Seaton in the announcement. “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.”

Seaton added that Stork is more focused on existing plants and projects so it will help stabilize Fluor’s portfolio because Stork is less impacted by plummeting oil and gas prices.

The acquisition is expected to close in the first half of 2016. Upon completion, Fluor said it combine its existing operations and maintenance business with Stork. Current Stork CEO Arnold Steenbakker and report directly to Seaton. The combined Stork brand will oversee about 19,000 employees. Fluor currently has about 40,000 global employees.

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