Fluor Corp. announced that Stork, part of Fluor’s Diversified Services segment, has reached 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. The transaction is in line with Fluor’s earlier announced announcement that it plans to divest its construction rental businesses, known in North America as AMECO. Fluor said it is progressing with that plan.
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 company said. The new company will continue to operate as EQIN.
"The intended sale is a positive step for both Stork and EQIN,” said Taco de Haan, president of Stork. “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.”
Stork has locations in about 20 countries. EQIN is located in Rotterdam, The Netherlands, and generates about $96 million in annual sales, according to Dun & Bradstreet.
