ENGlobal Corporation ENG, a leading
provider of energy-related engineering and automation services,
announced today that it has closed the previously announced
agreement to divest its Midstream Inspection division to Furmanite
America, Inc. ("FAI") a subsidiary of Furmanite Corporation.
As announced in December 2012, the total value of the transaction
to ENGlobal was approximately $6.5 million, consisting of cash at
closing, retained working capital, and a promissory note issued
with a parent company guarantee.ENGlobal intends to use the net proceeds from this transaction
to reduce outstanding debt. The closing of this transaction
completes ENGlobal's previously announced intent to divest its
Field Solutions segment, which included both its Land/Right of Way
and Midstream Inspection divisions, as a means of reducing
outstanding bank indebtedness.About ENGlobalENGlobal ENG, founded in 1985, is a provider of
engineering and related project services principally to the energy
sector throughout the United States and internationally. ENGlobal
operates through two business segments: Automation and Engineering
& Construction. ENGlobal's Automation segment provides services
related to the design, fabrication & implementation of process
distributed control and analyzer systems, advanced automation, and
related information technology. The Engineering &
Construction segment provides consulting services relating to the
development, management and execution of projects requiring
professional engineering as well as downstream inspection,
construction management, mechanical integrity, field support,
quality assurance
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