Furmanite acquires general services group
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Furmanite International product story
Edited by the Engineeringtalk editorial team
Jan 12, 2006
Furmanite has acquired Flowserve's general services group (GSG), which provides industrial flow management services, for $16m.
Furmanite has acquired Flowserve's general services group (GSG), which provides industrial flow management services.
Furmanite acquired the GSG assets, including certain working capital, for about $16m in cash.
GSG is a single-source provider of maintenance, repair and distribution services for valves, piping systems and other process-system components, with operations in North America and Europe.
GSG has significant North American market share in third-party valve repair, as well as in third-party on-line services such as hot tapping and field machining.
Furmanite said the acquisition let it offer a broader range of maintenance, repair and refurbishment services and technologies to the oil and gas, power, chemical and other industries worldwide.
These include leak sealing, hot tapping, on-site machining, and valve service and repair to reduce downtime and keep assets operating efficiently.
Furmanite's presence in the USA and Europe (France, Holland, Germany, Norway and the UK) will be supplemented by the GSG operations in Belgium, Netherlands, the UK and the USA, enabling the company to offer greater availability of all services and strengthened local on-the-ground delivery.
As part of the acquisition, Furmanite will be gaining Ipsco, bringing a strong brand and intellectual capital in terms of knowledge and extensive experience of hot tapping and line plugging at high pressure, large diameter and subsea.
This will be retained as a brand for the foreseeable future.
"We can offer customers a wider range of services and increased depth of experience in a number of niche areas (control valves and subsea hot tapping are two examples), all delivered with the safety and quality for which Furmanite is renowned," Furmanite Worldwide President and CEO Jeff Chick said.
"We're now in an even stronger position to provide our customers with the right service, at the right time, in the right place, at the right cost".
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