NAARDEN, 02/02/06 - Stork is to divest its Print division and its WorkSphere department. The industrial conglomerate will focus in slimmed-down form on the remaining arms: Aerospace, Food Systems en Technical Services, Stork announced yesterday at its annual results presentation.

Stork wants to sell the units this year. As it gets its new strategy off the ground, the company plans to adapt its capital structure. It will return 300 to 350 million euros to its shareholders, via a share buyback programme and a capital repayment.

The Print division, which supplies both the textiles and graphical industry, has been under pressure for some time, as its work can be done much more cheaply in China. "Relocation of textile printing production to Asia requires a strong local presence," according to Stork. Nearly 700 people work in the division in the Netherlands and 750 elsewhere.

WorkSphere, part of Stork's largest Technical Services division, is mainly involved in the management of technical installations in buildings, offices and hospitals. It no longer fits in well with the rest of the division.

Stork booked fourth-quarter operating profit of 29 million euros, 1 million more than a year earlier. This was slightly above analysts' forecasts. Net profit excluding the effects of acquisitions and divestments rose 8 percent to 21 million euros. Sales declined 1 percent to 492 million euros, below analysts' forecasts of 509 million.