Stork acquires Giovenco Industries
Stork informed it has signed an agreement to acquire Giovenco Industries in Australia, an industrial services group.
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, Storck’s statement reveals.
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.
Stork has secured two new committed credit facilities to finance the acquisition and facilitate the future growth in Australia.