Stork, which is part of Fluor Corp’s diversified services segment, has agreed to sell EQIN, its professional equipment rental business in Europe, to VE Partners. No financial terms were disclosed.
IRVING, Texas–(BUSINESS WIRE)–Fluor Corporation (NYSE: FLR) announced today that Stork, part of Fluor’s Diversified Services segment, has come to an agreement with VE Partners to sell EQIN, Stork’s professional equipment rental business in Europe. This intended divesture is pending final approval by the Dutch Authority for Consumers and Markets (ACM).
This transaction is in line with Fluor’s earlier announced plans to divest its construction rental businesses which is progressing as per plan.
“The intended sale is a positive step for both Stork and EQIN. It will allow both companies to focus on their core businesses while continuing to collaborate and work together to serve our mutual clients, and at the same time, providing Stork with greater operational efficiency going forward,” said Taco de Haan, president of Stork.
After final ACM approval, Stork and the new owner VE Partners, a Netherlands-based private equity firm, will proceed with a swift and smooth transfer of EQIN. The new company will continue to operate as EQIN.
Stork, a Fluor company, continually improves the performance of its clients’ assets through a wide range of integrated, innovative and data-driven solutions, from operations and maintenance and to turnarounds and modifications. We are committed to growing our clients’ business sustainably and successfully by setting new standards of excellence in asset management. Underpinned with our core values— Safety, Integrity, Teamwork, Client Focus and Excellence— we aim to be the industry reference, every day, everywhere. For more information, please visit www.stork.com or follow us on Twitter @StorkTS, LinkedIn.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is a global engineering, procurement, fabrication, construction and maintenance company with projects and offices on six continents. Fluor’s 47,000 employees build a better world by designing, constructing and maintaining safe, well-executed, capital-efficient projects. Fluor is ranked 181 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has served its clients for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.