Furmanite Corporation (NYSE: FRM) today announced the expansion of its global on-site machining capabilities through the acquisition of Self Leveling Machines Pty Ltd. and Self Leveling Machines, Inc. (collectively “SLM”), based in Melbourne, Australia, and Houston, Texas. SLM is a recognized world leader in large scale on-site machining with capability to perform up to 100 foot diameter cuts at machine shop accuracy through its patented Self Leveling Technology. SLM provides engineering, fabrication and execution of highly-specialized machining solutions for large-scale equipment or operations, generating annual revenues of $7 million.
The acquisition adds SLM’s large-scale machining expertise and patented Self Leveling Machining Technology to Furmanite’s long-established leadership in all other segments of on-site machining worldwide. Through the cash transaction, Furmanite will acquire 100% of the company’s stock in the United States and 100% of the assets of SLM’s operations in Australia, as well as ownership interests in alliance partnerships that use Self Leveling Machining Technology in South Africa, India and Singapore. SLM will continue to support these three partnerships with proprietary technology, equipment and resources.
“Furmanite and SLM know one another very well, having partnered on a number of projects in Australia for more than 15 years,” said Joseph Milliron, President and COO of Furmanite. “We know the consistent quality and excellent performance by SLM on large-scale projects, and we see significant opportunities for growth as we offer SLM technology through our worldwide network of 75 customer service centers.”
Mr. Milliron continued, “We are especially pleased to announce that the SLM service line will be managed by Peter Casey, who brings a decade of management and engineering expertise in SLM Technology to his new role of Vice President and Director of Self Leveling Machine Technology for Furmanite; and that Anthony Backhouse, founder and president of Self Leveling Machines Inc., will continue to participate in product development and engineering support as needed.” Mr. Casey has served for the past 10 years as SLM’s Engineering Manager and Vice President in Houston.
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