Stork has signed an agreement to acquire Giovenco Industries Pty Ltd, Australia. Giovenco presently has revenues of approximately AUS$150 million and nearly 875 employees. The company provides fabric maintenance and mechanical services to clients in the oil, gas, and natural resources sectors.
Paul Giovenco, CEO of Giovenco, remarked: “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.”
The acquisition includes Giovenco’s 50% stake in a joint venture for a multi-million dollar contract for painting, insulation, and fireproofing on Chevron’s Wheatsone LNG plant in Onslow, Australia.
“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,” said Arnold Steenbakker, CEO of Stork.
Edited from press release by Angharad Lock
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/03092015/stork-to-acquire-giovenco-australia-1343/