Xanser Corporation's Furmanite Acquires Flowserve's General Services Group (GSG)
January 03 2006 - 2:00AM
Business Wire
Xanser Corporation (NYSE: XNR) today announced the acquisition of
Flowserve's General Services Group (GSG) by Xanser's industrial
services group, Furmanite. Furmanite acquired the GSG assets,
including certain working capital, for approximately $16 million in
cash. 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. Its
website is www.furmanite.com. ABOUT XANSER CORPORATION Xanser
Corporation (NYSE: XNR) provides technology-based and technical
services worldwide. Headquartered in Dallas, Texas, Xanser's
operations consist of an information technology services company,
Xtria, and an international technical services firm, Furmanite.
Xtria provides a portfolio of innovative technology solutions to
the healthcare and government markets. Combining its deep market
expertise with specialized technology, Xtria partners with its
clients to set the standard for managing mission critical processes
in information-intensive environments. Xtria has a legacy of
enabling organizations to power their businesses, while mitigating
the risks associated with change. Furmanite, one of the world's
largest specialty technical services companies, delivers a broad
portfolio of engineering solutions that keep facilities operating,
minimizing downtime and maximizing profitability. Furmanite's
diverse, global customer base includes offshore drilling
operations, pipelines, refineries and power generation facilities,
chemical and petrochemical plants, steel mills, automotive
manufacturers, pulp and paper mills, food and beverage processing
plants, semi-conductor manufacturers and pharmaceutical
manufacturers. Furmanite operates more than 40 offices on five
continents. For more information, visit www.xanser.com. 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 various risks inherent in the Company's business,
and other risks and uncertainties detailed from time to time in the
Company's periodic reports filed with the Securities and Exchange
Commission. One or more of these factors have affected, and could
in the future 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.
Xanser (NYSE:XNR)
Historical Stock Chart
From May 2024 to Jun 2024
Xanser (NYSE:XNR)
Historical Stock Chart
From Jun 2023 to Jun 2024