NETHERLANDS - Stork to sell its WorkSphere Unit

Amsterdam-listed Stork is currently facing investor pressure to go private, and the ensuing discussions about a delisting are fuelling speculation that it has become a takeover target for private equity.

The move to sell maintenance unit WorkSphere is part of a strategic reorientation to focus on the company's core aerospace, food systems and technical service operations. The refocussing will also include the divestment of Stork Prints, its printing division. Stork's minority investors, which include Centaurus Capital and Paulson & Co, pushed for the change, arguing that the company is under-valued as a result of its corporate structure.

Stork employs 12.800 staff and realised a turnover of EUR 1.8bn for 2005, with net profits amounting to EUR 93m. WorkSphere employs approximately 1400 staff and recorded a EUR 168m turnover for 2005. The transaction price will be announced upon completion of the deal, which is expected to occur in mid-2006.

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