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.
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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.
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