Jacobs agrees in principle to acquire Stork Engineering Group

Aug 25, 1999 02:00 AM

Jacobs Engineering Group Inc. and Stork N.V. of Naarden, the Netherlands have reached an agreement in principle for the acquisition of the Stork Engineering Group by Jacobs.
The Stork Engineering Group is one of the five business activities of Stork N.V. and has main operations in Northern Europe (the Netherlands, Germany, and Belgium) as well as in Southeast Asia and employs 3,000 professional engineering staff. Revenues in 1998 of the Stork Engineering Group amounted to appr. EUR 292 mm (appr. $ 310 mm) of total Stork revenues of NLG 5 bn (EUR 2.3 bn) realised with 20,000 staff.

Jacobs has main operations in the Americas, United Kingdom/Ireland, India, and Southern Europe and employs 16,000 professional engineering staff. Revenues for the four quarters ending June 30, 1999 were $ 2.6 bn (EUR 2.3 bn).

Rapid consolidations in the oil and gas, petrochemical, and pharmaceutical industries are influencing providers of professional services in the engineering and construction industry. Developments with respect to outsourcing and global partnerships between customers and engineering firms, changes in contracting, and critical mass are important issues for engineering and construction service providers.
These issues drove discussion of a "multidomestic" approach based on a formal alliance between Stork and Jacobs. The discussions developed positively, resulting in the agreement in principle with Jacobs to acquire the Stork Engineering Group.
Jacobs President and CEO Noel Watson stated, "This is another step in our implementation of the "multidomestic" approach to serving our clients. Jacobs and Stork Engineering Group have strong ties in client relationships and a very complementary geographic fit." After a due diligence period and subject to approvals, Stork N.V. and Jacobs expect the transaction to close by year end.
Stork and Jacobs will, prior to closure, establish a co-operation agreement for the Stork Technical Services Group in order to continue combined marketing and execution of projects involving Stork Engineering Group and Stork Technical Services.

Jacobs Engineering Group Inc. is one of the largest global engineering, architecture, technology, and construction firms, specialising in the full spectrum of project delivery services including engineering, procurement, construction, and maintenance.

Source: Business Wire via Newspage
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