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Deals Expand Stork Technical, BSR

Tuesday, May 31, 2011

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High-performance coatings maker BSR Group has enlarged its industrial focus with the acquisition of Axson Technologies, while asset integrity management giant Stork Technical Services has added RBG to its fold.

BSR Acquires Axson

BSR Group, a global provider of high-performance industrial coatings, has acquired resins and polyurethane maker Axson Technologies.

The agreement, signed May 10, is expected to close June 30. Terms were not disclosed.

BSR, a French holding company that owns Revocoat SAS and BS Coatings, manufactures coating, sealing, damping, anticorrosion and bonding products for industrial applications. Founded in 2009, BSR reported 2010 revenues of €134.1m (about $193.2 million US).

Axson is a global formulator and fabricator of polyurethane and epoxy resins systems used in structural adhesives and encapsulation resins for the automotive, aeronautics, renewable energies, public transport and robotics industries. The company reported sales of €55.3 m (about $79.6 million US) in 2010.

Axson will retain its brand name and will become the third business unit of BSR Group. Chairman Charles Churet will become Axson CEO.

The acquisition marks the implementation of BSR’s industrial project.

 Stork Tecnical Services

 Stork Technical Services

Stork Technical Services provides Asset Integrity Management services worldwide.

“This alliance will provide our group with a better balance and more diversity in the distribution of BSR Group’s participation by industry, market, and customer type, with diverse business dynamics, making the company less sensitive to business cycles,” said Churet.

“The alliance will strengthen the group’s existing structures in emerging markets, allowing [us] to fully tap the growth and expansion potential of BSR Group’s three business units.”

New Arrival for Stork

Stork Technical Services and Arle have acquired RBG Limited, the UK-based supplier of inspection, assessment and repair services to the global energy industry.

Stork Technical, part of the Stork Group, is a global provider of asset integrity management services for the oil and gas, power and chemical sectors. With 10,000 employees worldwide, the company’s services include consultancy, maintenance concepts, repair, renovation, new construction, relocations, services and other related complex projects.

RBG is the leading multi-discipline support partner to the global energy industry, serving operators and contractors through the construction, upgrade, maintenance, operation and abandonment phases of energy assets. RBG employs over 4,500 people worldwide and reported revenues of £300m (about $494.6 million US) in 2010.

The acquisition includes all of RBG’s primary activities in the UK, Europe, Americas, Caspian and the Middle East, as well as 4,500 personnel. Terms were not disclosed.

Stork said the acquisition would provide additional expertise and “more choice from a single trusted partner.”

“RBG’s clients will gain access to asset integrity management solutions focusing on maintenance, modification and overhaul of existing facilities for the oil & gas, power and chemicals industries,” Stork said in a press release.

Sjoerd Vollebregt, CEO of Stork B.V., called the acquisition “an exciting milestone” in Stork’s “growth strategy.”

RBG’s operations significantly increase Stork Technical Services’ global reach and capabilities.

“The acquisition of RBG is good news for our global community,” said RBG CEO Dave Workman. “…Together, we are ready to drive our business to the next level of international growth and development."


Tagged categories: Acquisitions; Corrosion control coatings; Mergers; Protective coatings; Stork Technical

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