Furmanite – FRM – To Acquire ENGlobal Midstream Inspection Division
Furmanite Corporation (NYSE: FRM), reported that it is acquiring certain assets of the Inspection Services Division of ENGlobal Corporation’s Field Solutions group, based in Tulsa, Oklahoma. This division provides inspection and project management services to contractors and operators participating primarily in the midstream oil and gas market. A wide range of inspection services are offered, including Non-Destructive Examination (NDE), Quality Assurance, and Regulatory Compliance services for pipelines and other capital, turnaround, maintenance, and mechanical integrity projects.
Furmanite will be transitioning employment of approximately 140 full-time skilled technicians and project managers in connection with the transaction when it closes, effective January 1, 2013.
Bon Roberson, General Manager of the ENGlobal Inspection Division, said, “We are very pleased to be joining the Furmanite team and look forward to a smooth and positive transition. With Furmanite’s global resources and financial strength behind us, we are confident in our ability to continue serving our customers with excellence.”
“We look forward to welcoming this outstanding team of talented people to our Company,” said Joe Milliron, President and COO of Furmanite, “Their combined expertise represents a significant expansion of our inspection capabilities, and the long standing relationships they have in the midstream oil and gas market will also open up additional opportunities for all of our existing lines of business.”
Mr. Milliron concluded, “We have experienced strong demand for Inspection and NDE services during the past year, and plan to announce more details regarding Furmanite’s future participation in this market within the next 60 days.”
About Furmanite Corporation – FRM
Furmanite Corporation (FRM) is a worldwide technical services firm. Headquartered in Houston, Texas, FRM, one of the world’s largest specialty technical services companies, delivers a broad portfolio of engineering solutions that keep facilities operating, minimizing downtime and maximizing profitability.
FRM’s diverse, global operations serve a broad array of industry sectors, including offshore drilling operations, pipelines, refineries and power generation facilities, chemical and petrochemical plants, steel mills, automotive manufacturers, pulp and paper mills, food and beverage processing plants, semi-conductor manufacturers and pharmaceutical manufacturers. Furmanite operates more than 75 offices on six continents.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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