Furmanite Enters into Definitive Agreement to Sell FTS Division

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Go back to Furmanite Enters into Definitive Agreement to Sell FTS Division

Furmanite Corporation (FRM) to Sell FTS Division

September 25, 2015 8:02 AM EDT

Furmanite Corporation (NYSE: FRM) announced that it has entered into a definitive agreement under which Burrow Global, LLC will acquire substantially all of the assets of the Companys Furmanite Technical Solutions division of its Engineering and Project Solutions operating segment for a purchase price, consisting of cash and debt, of $1.6 million plus estimated net working capital of approximately $12.8 million, and the assumption of certain related liabilities. Furmanite expects to incur a pre-tax loss of... More

Furmanite Corporation (FRM) to Sell FTS Division

September 25, 2015 8:02 AM EDT

Furmanite Corporation (NYSE: FRM) (Furmanite or the Company) today announced that it has entered into a definitive agreement under which Burrow Global, LLC (Burrow Global) will acquire substantially all of the assets of the Companys Furmanite Technical Solutions (FTS) division of its Engineering and Project Solutions operating segment for a purchase price, consisting of cash and debt, of $1.6 million plus estimated net working capital of approximately $12.8 million, and the assumption of certain related liabilities. Furmanite expects to incur a pre-tax loss of... More