UTRECHT, the Netherlands,
September 3, 2015 /PRNewswire/ --
Stork has signed an agreement to acquire Giovenco Industries
(Aust) Pty Ltd (Giovenco) in Australia, a leading industrial services group
with a track record of over 60 years of service to key clients.
Giovenco currently has revenues of around AUS$ 150 million and
provides fabric maintenance and mechanical services, predominantly
to clients in the oil, gas and natural resources sectors. The
services that Giovenco provides include, design and installation of
access systems, surface preparation and finishing, insulation
fabrication and installation and tank cleaning and repair. The
company currently has approximately 875 employees.
(Logo:
http://photos.prnewswire.com/prnh/20150324/735948-a )
The acquisition also includes the Giovenco Industries 50% stake
in a Joint Venture for a multi-million dollar contract for
painting, insulation and fireproofing on Chevron's Wheatstone LNG
Plant in Onslow in Western
Australia.
Giovenco is headquartered in Ingleburn (Sydney), has activities throughout
Australia, primarily in
New South Wales, Queensland, and Western Australia. The company operates from
office and workshop hubs located in Sydney, Perth, Brisbane, Surat Basin (Chinchilla) and
Gladstone as well as project field offices on client project sites,
including refineries and terminals at Lytton (Qld), Kurnell (NSW),
Curtis Island (Gladstone) and at the
Wheatstone LNG project (WA).
Paul Giovenco, CEO of Giovenco:
"The acquisition by Stork will support Giovenco's growth ambitions.
Stork has a solid reputation in Australia. We will have access to Stork's full
portfolio of services and innovations, allowing us to provide our
customers with a broader scope of services."
Arnold Steenbakker, CEO of Stork:
"Giovenco has a good track record both in providing value to their
customers and in safety, a core value in both companies. We welcome
Paul Giovenco and the entire
management team at Giovenco into Stork. We are both confident and
excited that the current presence of Giovenco on various client
sites, many of which where we are co-located, will provide a great
platform to support operators as they transition from the
construction phase into full scale operations during the life cycle
of their facilities.''
Stork has secured two new committed credit facilities to finance
the acquisition and facilitate the future growth in Australia.
Notes to Editors
About Stork
Stork offers services and products associated with maintenance,
modifications and assurance of asset integrity (MMI) of production
facilities. We are delivering technical support that spans the
asset lifecycles of our customers operations. From concept through
to execution - Stork aims to reduce risk, assure safety and improve
asset performance for our customers to enhance their profits.
With 16,500 employees worldwide (UK & Africa, North and South America, Continental Europe,
Middle East, Asia-Pacific), Stork provides innovative
solutions and integrated thinking and doing in the areas of asset
integrity; maintenance, modifications, consultancy, inspections,
repair, renovations, relocations and other related complex projects
to the global oil & gas, chemical and power sectors.
For more information, please visit
http://www.stork.com.