Large Scale Self-leveling Machine. (Photo: Business Wire)

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.
Large scale self-leveling machine. (Photo: Business Wire)

Large scale self-leveling machine. (Photo: Business Wire)

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.

“All of us at SLM are extremely pleased to align with Furmanite, and we are confident that this creates significant opportunities for our people and expanded capabilities that will serve our customers well,” Mr. Casey said. “As a separate Service Line within Furmanite, we will continue to serve our customers just as we have in the past, while gaining a significantly expanded geographic base and far greater resources through Furmanite, to support our project execution, research and development program, and continuing revenue growth.”

For 15 years, SLM has been active across a broad range of industries, providing solutions for a strong and loyal customer base, including mining, power generation, steel, manufacturing and offshore operations. For more information, visit www.slm-onsite.com.

ABOUT FURMANITE CORPORATION

Furmanite Corporation (NYSE: FRM) is a worldwide technical services firm. Headquartered in Dallas, Texas, 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 operations serve a broad array of industry sectors, including 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 75 offices on six continents. For more information, visit www.furmanite.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 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.

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Copyright Business Wire 2010

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