Furmanite thrives under pressure. The specialty contractor provides a variety of technical services for petroleum refineries, chemical plants, nuclear power stations, and other clients in the power generation, manufacturing, and processing industries. Furmanite specializes in sealing leaks in valves, pipes, and other flow-process systems, often under emergency conditions involving exposure to high temperatures and pressures, potential contact with dangerous materials, explosion hazards, and environmental contamination. It also provides onsite machining and custom engineering services and, through Xtria, consulting and support services for government agencies. Furmanite has about 75 offices around the world.
In addition to its pressure services, Furmanite provides repair, machining, and other treatments for offline piping systems. The company has worked on fast-turnaround and custom engineering projects for such customers as Alcoa, GlaxoSmithKline, and PacifiCorp.
Furmanite is active around the world and has offices across six continents. The Americas represents about half of the company's annual sales. Europe, Middle East, and Africa makes up about 40%.
The company has been working to recover from the global recession, which created lower demand for some of Furmanite's services and hurt revenues. The company implemented a $16 million cost-cutting plan that included consolidations and workforce reductions. The cost cutting, in conjunction with economic recovery and higher demand, helped Furmanite return to profitability by 2010.
Revenues increased by more than 10% in 2011. Furmanite attributed that growth to an increase in leak sealing, line stopping, bolting, and composite repair services. Net income also increased tremendously that year. Profits grew thanks to higher sales and lower costs.
Furmanite continued to cut costs in 2012 and announced plans to further reduce administrative expenses and streamline its European operations. Furmanite also is focused on growing its geographic footprint and expanding its specialty industrial services capabilities. It achieved those goals mainly through acquisitions. In early 2011 Furmanite expanded its global operations when it acquired frequent partner Self Leveling Machines, a machining specialist with operations in the US and Australia. The deal boosted Furmanite's global onsite machining capabilities, especially those involving solutions for large-scale equipment and operations.
In 2012 Furmanite acquired Crane Energy Flow Solutions' Houston Service Center. The service center repairs certain Crane products and services all makes of valves. The deal came after Furmanite's move to Houston. – less