Xanser Corporation's Furmanite Acquires Flowserve's General Services Group
GSG is a single-source provider of maintenance, repair and distribution services for a broad array of valves, piping systems and other process-system components, with operating locations 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. In 2004, GSG had net revenues in excess of $100 million.
"This acquisition aligns very well with our core competencies in Furmanite, and will allow us to expand our footprint and our service offerings in North America as well as in Europe," said John R. Barnes, chairman and chief executive officer of Xanser Corporation. "We look forward to adding the skills and capabilities of several hundred GSG employees to our base of nearly 1,000 outstanding Furmanite employees. Over the next six months, we will be working to fully integrate this business, and we are confident it will have a positive impact on our results for many years to come."
Furmanite's business is the protection and management of its customers' critical assets, and the company's technological capabilities help assure that customers' critical assets are on line and performing for maximum profit. 2004 marked 75 years of Furmanite serving industry worldwide. Today, Furmanite is recognized as 'the' worldwide expert in the field of on-site and on-line plant and pipeline maintenance. Furmanite's single mission and business goal is to maximize asset uptime for customers. Specifically, everything Furmanite does directly relates to keeping an asset on line, productive and profitable, be it a pipeline, a plant or personnel. Furmanite ensures asset productivity and profitability for a variety of industries -- chemical and petrochemical, oil and gas, power generation, pulp and paper, pharmaceutical, and national defense. This commitment to excellence, coupled with Furmanite's broad array of services and proprietary technology, is a critical component to the operation and financial success of some of the world's largest process manufacturers and energy producers and suppliers including Shell, ExxonMobil, Sun Oil, Dominion, Exelon, Cinergy, Entergy and Reliant. Furmanite has more than 40 offices on five continents.
SOURCE: Xanser Corporation