Stork extends regional footprint with strategic acquisition in Australia

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Stork extends regional footprint with strategic acquisition in Australia

We are pleased and proud to announce that Stork Technical Service BV (Stork) of The Netherlands 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.

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 many project field offices on a number of client project sites, including refineries and terminals at Lytton (Qld), Kurnell (NSW), Curtis Island (Gladstone) and at the Wheatstone LNG project (WA).

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. We would also like to take this opportunity to thank Claudio Giovenco and his son Carlo who will be retiring from the business following 60 years of service and commitment to our business. Claudio and his four brothers started the business in 1955. On behalf of the management and staff of Giovenco Industries, we extend our sincere best wishes to Claudio and Carlo for the future.

We would also like to thank Arnold Steenbakker, CEO Stork for his support : ‘’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.‘

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