Aerospace unit pressures Stork earnings

Troubled engineering group Stork saw third quarter earnings down almost one third, due largely to lower results at its aerospace division. Turnover rose 14% to €520m.

‘The uncertainty which has dominated Stork for almost two years now is increasingly having an effect [on the company],’ CEO Sjoerd Vollenbregt was reported as saying by ANP news service. ‘We are doing everything we can to steer Stork into calmer waters.’
He said Stork is continuing to talk to UK private equity group Candover and Icelandic consortium LME, both of which want to take over Stork.
Candover’s efforts were thwarted when LME bought up a stake of more than 40% in the Naarden-based firm.

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