Stork NV, Neways Electronics International NV and VDL Groep BV have signed a Letter of Intent for the sale of the operating companies Stork Electronics and Stork Industrial Modules to respectively Neways and VDL Group. Both operating companies are part of the Stork Industrial Components group. About 400 employees are involved in the acquisition. The transaction is expected to be completed by mid-2004, and is subject to approvals of the trades unions, the relevant works councils, the shareholders of Neways and the Nederlandse Mededingingsautoriteit (Netherlands Competition Authority). Further discussions will be held with the trade unions about employment conditions, including pensions. After the completion of this transaction Stork will consist of only four groups: Prints, Poultry & Food Processing, Aerospace and Technical Services.
