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ENGlobal Corp Closes Divesting Of Midstream Inspection Division To Furmanite Corporation's Furmanite America, Inc

Thursday, 3 Jan 2013 06:55am EST 

ENGlobal Corp announced that it has closed the previously announced agreement to divest 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 Field Solutions segment, which included both Land/Right of Way and Midstream Inspection divisions, as a means of reducing outstanding bank indebtedness. 

Company Quote

-0.01 -0.43%
17 Sep 2014