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Slide #89. Furmanite Corporation — ENGlobal Inspection Division
Furmanite Corporation (FRM)
ENGlobal Inspection Division
Furmanite Corporation 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.
Furmanite, together with its subsidiaries, operates through two segments. The Technical Services segment provides services such as leak sealing, hot tapping, line stopping, line isolation, composite repair, valve testing and non-destructive testing and inspection services, as well as on-site machining, heat treatment, bolting, valve repair and non-destructive testing and inspection services. The Engineering & Project Solutions segment provides project planning, professional engineering, downstream non-destructive testing and inspection, construction management, mechanical integrity, field support, and plant asset management services, as well as inspection and project management services.
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Hold (2.00 out of 4)
(ranked lower than approx. 68% of all stocks covered)
Based on Zacks ABR data;
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