Team and Furmanite combine to create 8,300-person industrial services giant

Team Inc. (Sugar Land, Texas) has acquired Furmanite Corporation (Houston) in an all-stock transaction Furmanite shareholders will own approximately 27% of the combined company. Team is a leading provider of specialty industrial services in the refining, petrochemical, power, pipeline and other heavy industries with more than 140 locations worldwide. Furmanite, founded in 1920, is one of the world’s largest specialty industrial services companies with 80 offices on six continents. The combined company will be one of the world’s largest mechanical services company with more than 8,300 employees and 220 locations in 22 countries. The combination would approximately double the size of Team’s mechanical services capabilities.