Nov. 2, 2015, 10:59 AM
- Midstream company Team Inc. (TISI +0.9%) agrees to acquire Furmanite (FRM +6.2%) for $335M in cash and stock, in a deal that will double Team's mechanical services capabilities and bring the combined company's locations to 220 worldwide.
- The companies say the merger should bring in $20M-$25M in annual cost synergies within two years of closing; before synergies, Team expects the transaction to contribute ~$400M/year in revenue and $38M in annual adjusted EBITDA.
- FRM President/CEO Joseph Milliron will retire immediately as part of the acquisition but remain for now on the FRM board; the new interim CEO is FRM Executive Chairman Jeffery Davis, who recently was named to the board as part of a proxy battle.
Aug. 4, 2015, 12:58 PM
- Furmanite (FRM +4.1%) names Jeffery Davis, retired CEO of the Brock Group, as its new executive chairman in the wake of the proxy fight that was resolved in May.
- CEO Joseph Milliron, who served as the interim chair, said in this morning's earnings conference call that the move aligns with best governance practices and strengthens the company, and John Linnartz, the new board member who led the proxy fight, praised the selection.
- As for FRM's finances, Q2 earnings beat estimates but revenues fell short, and Milliron says he will not use the energy market weakness as an excuse and that the company will perform better moving forward.
May 4, 2015, 12:45 PM
May 4, 2015, 9:16 AM
Nov. 3, 2014, 12:49 PM
Oct. 31, 2014, 5:39 PM
Apr. 30, 2014, 3:27 PM
- Furmanite (FRM +4%) shares power higher after a Barron's profile sees the potential for 60% gains, as boom times for refineries and petrochemical plants mean plenty of work for the provider of specialized high-margin maintenance, inspection and other services to these heavy industries.
- The stock has shed 20% since its February high after harsh winter weather caused a Q4 earnings miss, but the setback looks temporary and business prospects appear strong, according to writer David Englander.
- Stephens analyst Matt Duncan estimates FRM earnings will grow 55% this year and 34% in 2015, driven by strong demand for the company's services.
Mar. 7, 2014, 12:45 PM
Furmanite Corp together with its subsidiaries provides technical services, including leak sealing & hot tapping under pressure, on-site machining, heat treatment, heat exchanger repair & manufacture, concrete repair, bolting, valve testing & repair.
Industry: Technical Services
Country: United States