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04-01-2007 Stork and SAG GmbH have signed an agreement for the acquisition of Turbo Service GmbH by Stork. Turbo Service is one of the largest independent service providers for power plant rotating equipment in Europe. The company has an annual turnover of approximately € 50 mln and employs around 400 highly specialised staff.
The acquisition of Turbo Service complements the service offering for turbines and generators of the Power Services activities of Stork. Stork Power Services provides services and components for the power generation industry. The combination will be able to provide an integrated service offering for all major power plant components. At the same time, the acquisition places Stork in a good position for the German market.
The acquisition price is € 49 mln and will have a positive impact on Stork's earnings per share.
As part of the SAG Group, Turbo Service belonged until May 2006 to RWE Solutions, the service arm of RWE Energy. In May 2006 SAG Group, the largest business operation within RWE Solutions was acquired by Advent International, a global private equity group.
Turbo Service has a long history as an independent service provider for rotating equipment. The company specializes in the maintenance and overhaul of generators and turbines and serves a broad portfolio of triple-A customers. Stork Power Services and Turbo Service have already successfully collaborated in several projects over the past years. The acquisition is in line with Stork Technical Services' strategy to grow further in specialised services for the power generating industry. The increasing drive to outsource services in this industry means ample growth opportunities and attractive margins. Stork's position as an independent service provider enables it to leverage its capabilities and services across different types and brands of components. This proven strategy has resulted in an excellent performance of Power Services over the past years. With the acquisition of Turbo Service, Stork can broaden both its offering and its regional markets to continue its strong growth.
About Stork Technical Services
Stork Technical Services is part of Stork and provides systems and services for technical installations. Stork Technical Services has 6,700 employees and achieved a turnover of € 837 million (out of the total Stork turnover of € 1.8 billion) in 2005.
Stork N.V.
Dick Kors
Tel.: +31 (0)35 695 75 75 or +31 (0)6 51 98 40 54
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