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Furmanite Enters into Definitive Agreement to Sell FTS Division 芦笋是什么

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  Furmanite Enters into Definitive Agreement to Sell FTS Division

  Furmanite Corporation (NYSE: FRM) (“Furmanite” or “the Company”) today

  announced that it has entered into a definitive agreement under which

  Burrow Global, LLC (“Burrow Global”) will acquire substantially all of

  the assets of the Company’s Furmanite Technical Solutions (“FTS”)

  division of its Engineering and Project Solutions operating segment for

  a purchase price, consisting of cash and debt, of $1.6 million plus

  estimated net working capital of approximately $12.8 million, and the

  assumption of certain related liabilities. Furmanite expects to incur a

  pre-tax loss of less than $1 million as a result of the sale

  transaction. The transaction is expected to close on September 28, 2015,

  subject to the satisfaction of all conditions to closing.

  Jeffery Davis, Interim Executive Chairman of Furmanite, said, “The sale

  of FTS will allow the Company to focus on its higher margin specialty

  services and is intended to further our strategy to drive shareholder

  value. Following completion of the transaction, the Company expects to

  deliver substantially higher operating margins while releasing a

  significant amount of cash due to a reduction in working capital needs.”

  Included in the sale are Furmanite’s Beaumont, Texas; Baton Rouge,

  Louisiana; Lake Charles, Louisiana; Deer Park, Texas; and Freeport,

  Texas offices, which primarily perform in-office and in-plant

  engineering work for downstream clients in the Gulf Coast region. Burrow

  Global will also assume Furmanite’s obligations under the real estate

  leases and contracts utilized by the FTS operations. Furmanite will

  retain the process management inspection component of its Engineering &

  Project Solutions segment, which is based in Tulsa, Oklahoma. Furmanite

  will provide limited transition services to the FTS business for a

  period following the closing.

  Additional terms of the transaction are disclosed on Form 8-K as filed

  with the Securities and Exchange Commission.

  On May 6, 2015, Furmanite announced that it had retained Lazard Freres &

  Co. as financial advisors to assist in an evaluation of strategic

  alternatives. As previously stated, Furmanite does not intend to provide

  updates on the evaluation or negotiation process until a definitive

  agreement has been reached or discussions and/or negotiations have

  terminated.

  ABOUT FURMANITE CORPORATION

  Furmanite Corporation (NYSE: FRM), founded in 1920, is one of the

  world’s largest specialty industrial services companies, providing world

  class solutions to customer needs through more than 80 offices on six

  continents. The Company delivers a wide portfolio of inspection and

  mechanical services which help monitor, maintain and renew the global

  energy, industrial and municipal infrastructures. Furmanite serves a

  broad range of industry sectors, including refining, offshore, sub-sea,

  pipeline, power generation, chemical, petrochemical, pulp and paper,

  water utilities, automotive, mining, marine and steel manufacturing.

  World Headquarters and Global Support Operations are located in Houston,

  Texas; Rotterdam, Netherlands; Kendal, United Kingdom and Melbourne,

  Australia. For more information, visit www.furmanite.com.

  FORWARD LOOKING STATEMENTS

  Certain of the Company’s statements in this press release are not

  purely historical, and as such are “forward-looking statements” within

  the meaning of the Private Securities Litigation Reform Act of 1995.

  These include statements regarding management’s intentions, plans,

  beliefs, expectations or projections of the future. Forward-looking

  statements involve risks and uncertainties, including without

  limitation, the timing and likelihood of the closing of the FTS sale,

  the various risks inherent in the Company’s business, and other risks

  and uncertainties detailed most recently in this press release and the

  Company’s Form 10-K as of December 31, 2014 and Form 10-Q as of June 30,

  2015 filed with the Securities and Exchange Commission. One or more of

  these factors could affect the Company’s business and financial results

  in future periods, and could cause actual results to differ materially

  from plans and projections. There can be no assurance that the

  forward-looking statements made in this document will prove to be

  accurate, and issuance of such forward-looking statements should not be

  regarded as a representation by the Company, or any other person, that

  the objectives and plans of the Company will be achieved. All

  forward-looking statements made in this press release are based on

  information presently available to management, and the Company assumes

  no obligation to update any forward-looking statements.

  

  View source version on businesswire.com: http://www.businesswire.com/news/home/20150925005285/en/

  Furmanite Corporation

  Robert S. Muff, (713) 634-7775

  Investor

  Relations

  [email protected]

  Copyright Business Wire 2015Business WireSeptember 25, 2015 - 8:00 AM EDTNews by QuoteMediawww.quotemedia.com

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