AND MARKETS VARIOUS KINDS OF MEASUREMENT AND CONTROL EQUIPMENT , MOST OF ITS SALES BEING MADE IN GERMANY AND THE COMECON COUNTRIES .
FOR SEVERAL YEARS THE DE LAVAL GROUP HAS DEVELOPED , MANUFACTURED AND SOLD CENTRIFUGAL COMPRESSORS , MECHANICALLY DRIVEN STEAM TURBINES AND BARREL-TYPE BOILER-FEED PUMPS BEARING THE NAME DE LAVAL , NOT ONLY IN THE UNITED STATES AND CANADA BUT THROUGHOUT THE WORLD . THE GROUP ALSO CARRIES OUT THE NECESSARY RESEARCH TO SUPPORT AND DEVELOP ITS BUSINESS .
2 . KONINKLIJKE MACHINEFABRIEK STORK BV ( HEREINAFTER REFERRED TO AS ' KMS ' ), NOW A PRIVATE COMPANY BUT FORMERLY A PUBLIC LIMITED LIABILITY COMPANY , IS AN IMPORTANT WHOLLY OWNED SUBSIDIARY OF VERENIGDE MACHINEFABRIEKEN NV , AMSTERDAM ( HEREINAFTER REFERRED TO AS ' VMF ' ). VMF IS A DUTCH GROUP WHICH HAS OPERATIONS THROUGHOUT THE WORLD . APPROXIMATELY HALF ITS TURNOVER COMES FROM ITS FOREIGN OPERATIONS . THE GROUP IS IN BUSINESS IN A LARGE NUMBER OF INDUSTRIES , PARTICULARLY LIGHT PROCESSING , ERECTION , ENGINEERING , RAILWAY TRACK , HEATING AND LIGHTING TECHNOLOGY , GOODS-HANDLING EQUIPMENT AND MACHINE TOOLS , AND ENERGY . KMS IS FURTHER IN BUSINESS IN A NUMBER OF INDUSTRIES WHICH ARE CONNECTED WITH STEAM TURBINES AND COMPRESSORS . STORK ROTERENDE WERKTUIGEN BV ( HEREINAFTER REFERRED TO AS ' STORK ' ), KNOWN UNTIL 7 JULY 1971 AS STORK POMPEN NV , IS A WHOLLY OWNED SUBSIDIARY OF KMS .
3 . THE JOINT VENTURE , DE LAVAL-STORK VOF ( HEREINAFTER REFERRED TO AS ' DE LAVAL-STORK ' ), IS A BUSINESS ASSOCIATION FORMED IN ACCORDANCE WITH DUTCH LAW IN 1971 . AN ASSOCIATION OF THIS KIND DOES NOT HAVE LEGAL PERSONALITY ; THE TWO COMPANIES FORMING THE ASSOCIATION REMAIN JOINTLY AND SEVERALLY LIABLE IN RESPECT OF ALL THE OBLIGATIONS ENTERED INTO IN THE NAME OF THE ASSOCIATION UP TO THE AMOUNT OF THE ASSOCIATION ASSETS . EACH OF THE TWO CONSTITUENT COMPANIES MAY , WITHIN THE LIMITS SET BY DUTCH LAW , BIND THE ASSOCIATION VIS-A-VIS THIRD PARTIES . HALF THE SHARES IN DE LAVAL-STORK ARE HELD BY DE LAVAL INTERNATIONAL AND THE OTHER HALF BY STORK . STORK PROVIDED ITS CONTRIBUTION IN CASH , WHILE DE LAVAL INTERNATIONAL ' S CONTRIBUTION WAS CHIEFLY IN THE FORM OF KNOW-HOW . THE VALUE OF EACH PARENT ' S CONTRIBUTION WAS THREE MILLION GUILDERS . IN ADDITION , AFTER A STARTING-UP PERIOD STORK ' S PLANT WAS TO BE TRANSFERRED TO THE JOINT VENTURE . THE PARENTS ARE ENTITLED TO EQUAL SHARES IN THE PROFITS AND ARE LIABLE FOR EQUAL SHARES IN LOSSES ; EXCEPT IN CERTAIN AGREED CIRCUMSTANCES ON THE TERMINATION OF THE AGREEMENT .
DE LAVAL INTERNATIONAL GENERALLY ACTS AS MANAGING PARTNER AND IS RESPONSIBLE FOR THE DAY-TO-DAY RUNNING OF THE BUSINESS . HOWEVER , FOR A NUMBER OF SPECIFIED ACTS THE CONSENT OF BOTH PARENTS IS REQUIRED , NOTABLY FOR ANY ACT WHICH COULD AFFECT THE CONTINUED EXISTENCE OF DE LAVAL-STORK IN ITS PRESENT FORM .
B . THE PRODUCTS