Furmanite (FRM), once a company "made up of 75 nearly autonomous service locations that operated regionally has been remade into a cohesive operation offering its services across the globe," Barron's says.
The provider of refinery and petrochemical plant inspection and maintenance services has little net debt, rising sales and operating income, and faces a more favorable environment now that customers are no longer deferring "routine maintenance to save on costs."
Ultimately, David Englander says the shares could rise 30%.
Furmanite completes its acquisition of certain assets of ENGlobal's Gulf Coast operations
Furmanite (FRM +2%) moves higher after saying it's completed its purchase of certain professional service assets of ENGlobal Corporation's (ENG) Gulf Coast Operations.
Following the transaction's close, around 900 full-time employees will have transitioned to Furmanite Technical Solutions, a newly created division of Furmanite America, which will operate as a "sister organization" within the company.