Fluor Corporation -- Moody's says Fluor's Acquisition of Stork Holding B.V. is Modestly Credit Negative; No Ratings Impact

New York, December 08, 2015 -- Moody's Investors Service said that Fluor Corporation (A3 Stable) announced it has signed an agreement to acquire Stork Holding B.V. from UK based private equity firm Arle Capital Partners for EUR695 million (about $755 million). Stork is a global provider of maintenance, modification and asset integrity services associated with large existing industrial facilities in the oil and gas, chemicals, petrochemicals, industrial and power markets. It has operations in Continental Europe, United Kingdom, the Middle East, Asia Pacific and the Americas and is expected to generate about EUR1.6 billion ($1.7 billion) in revenues and approximately EUR100 million ($109 million) in EBITDA in 2015 on a pro forma basis. Fluor expects to finance the deal through the issuance of debt in international markets. Moody's views this deal as modestly credit negative for Fluor.

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