Stork abandons planned acquisition of SFTS an...

Stork abandons planned acquisition of SFTS and NES

Stork N.V. (Naarden) and HTP Investments have ended their discussions with regard to the earlier announced acquisition of the subsidiaries SFTS and NES.

During due diligence parties came to the conclusion that the intended agreement appears to be not attainable.

At the beginning of March this year Stork intended to acquire Standard Fasel Technische Services (SFTS) and NEM Energy Services (NES). SFTS (60 employees) and NES (150 employees) specialise in the maintenance of steam, hot water and waste heat recovery boilers. HTP Investments is owner of the two companies, that together have a turnover of € 38 million per year.

The intended acquisition should be a complement for the range of services of Stork Power Services, which provides services and components to power generation companies. In addition, the acquisition was to further strengthen the position of Stork Power Services in North-Western Europe.

In January 2007 Stork Food Systems already completed the acquisition of Nijal Technologie Alimentaire.

Based in France, Nijal manufactures machines for processing of meat that are complementary to those of Stork Food Systems. The company achieved a turnover of € 7 million in fiscal year 2005/06 with 30 employees.

Stork's worldwide sales and marketing organisation will open new markets and create new opportunities for Nijals innovative machines.

Source: Stork N.V.

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