Showing posts with label Furmanite. Show all posts
Showing posts with label Furmanite. Show all posts
26 September 2015
Over 700 Engineering Empolyess Are Changing Their Business Cards - Again.
Burrow Global, LLC, a Full-Service EPC Firm, Acquires Furmanite Technical Solutions
Burrow strengthens technical services staff for core process industries
HOUSTON (SEPTEMBER 23, 2015) - Burrow Global, LLC (BG) announced today that it has entered into an agreement to purchase the assets, contracts and certain liabilities of Furmanite Technical Solutions (FTS), a division of Furmanite America. The transaction is scheduled to close on September 28, 2015.
In conjunction with the closing of the transaction, approximately 775 full-time FTS professionals will transition to Burrow Global Services (BGS) a wholly owned subsidiary of parent company Burrow Global, LLC. The combination will increase BGS’ engineering and technical staff to approximately 1200 personnel and the Burrow Global companies will employ nominally 1400 EPC employees. BG will combine the FTS and BG offices in Beaumont and Deer Park, TX and Baton Rouge, LA while obtaining new offices in Lake Charles, LA and Angleton, TX.
“We see this as a true win for all involved including FTS, BG, our clients and our respective employees”, said Mike Burrow, Chairman/CEO of Burrow Global, LLC. “The FTS division was formerly the Gulf Coast operations of ENGlobal Corp and before that it was the legacy ‘Petrocon Engineering’ group. BG’s current senior management team includes former executives from both of those organizations. Additionally, I was the founder and CEO of Petrocon Engineering and also Co-founder and CEO of ENGlobal before coming out of retirement to establish the Burrow Global companies. With that history in mind, this union will be more like a ‘reunion’ of the original staffs of Petrocon, ENGlobal and BG. We look forward to working with our colleagues and friends once again as we unite in our common goal of establishing strong client relationships based on superior performance and safety. The combined organization will offer our clients more technical resources and geographical coverage. This greatly enhances our ability to service our clients’ needs across multiple locations while establishing a platform to better perform their major projects.”
16 July 2013
ENGlobal Corporation: Sells Engineering and In-Plant Operations to Furmanite
ENGlobal Announces Agreement to Sell Its Gulf Coast Engineering and In-Plant Operations to Furmanite
HOUSTON, July 16, 2013 (GLOBE NEWSWIRE) -- ENGlobal Corporation (Nasdaq:ENG), a leading provider of energy-related engineering and automation services, announced today that it has signed a definitive agreement under which ENGlobal's Gulf Coast engineering and in-plant operations will be sold to Furmanite America, Inc. ("FAI"), a subsidiary of Furmanite Corporation (NYSE:FRM). The total value of the transaction to ENGlobal is expected to be approximately $21.5 million, consisting primarily of cash at closing and a $3.5 million promissory note issued with a parent company guarantee.
ENGlobal's Gulf Coast engineering operations consist of its Beaumont, TX, Baton Rouge, LA, Lake Charles, LA, Deer Park, TX, and Freeport, TX offices, which primarily perform work for downstream clients across the region. The Company will retain its Engineering operations and the entirety of its Automation operations located in Houston, TX, Tulsa, OK, Mobile, AL, Denver, CO, and Chicago, IL, which primarily perform midstream and downstream related projects.
ENGlobal intends to use the net proceeds from this transaction to repay its outstanding debt. The transaction has been approved by the boards of directors for both companies, and is expected to close within 60 days, subject to lender approval and the completion of customary conditions. In addition, the companies have agreed to facilitate a smooth transition of corporate service functions and to support each company's business development efforts. Under terms of the agreement, approximately 900 employees will transfer from ENGlobal to Furmanite.
"The transaction with Furmanite, representing approximately half of our business, has stood out among all alternatives as making the most sense for our employees, clients and shareholders," said William A. Coskey, P.E., Founder, Chairman and Chief Executive Officer. "The ongoing ENGlobal operations will become strategically focused, well positioned for growth, and essentially free of bank debt. We will continue to build on the expertise of our heritage Engineering and Automation segments and also expect to target specific engineered solutions, utilizing both in-house and third party intellectual property."
Mr. Coskey continued, "We are pleased to announce that throughout our turnaround plan over the last year – and through Closing of this transaction, we will have reduced our debt and vendor obligations by approximately $50.0 million. The resulting revitalized Company with 500 employees will become the foundation from which to rebuild ENGlobal."
The Company expects that this transaction will substantially complete its review of strategic alternatives. In October 2012, ENGlobal announced its plan to explore strategic alternative options, which included raising capital, selling a portion of the Company's assets, and the possible sale or merger of ENGlobal, among other alternatives. Since that time, the Company discontinued its Electrical Services division and divested its Land/Right of Way and Midstream Inspection divisions.
HOUSTON, July 16, 2013 (GLOBE NEWSWIRE) -- ENGlobal Corporation (Nasdaq:ENG), a leading provider of energy-related engineering and automation services, announced today that it has signed a definitive agreement under which ENGlobal's Gulf Coast engineering and in-plant operations will be sold to Furmanite America, Inc. ("FAI"), a subsidiary of Furmanite Corporation (NYSE:FRM). The total value of the transaction to ENGlobal is expected to be approximately $21.5 million, consisting primarily of cash at closing and a $3.5 million promissory note issued with a parent company guarantee.
ENGlobal's Gulf Coast engineering operations consist of its Beaumont, TX, Baton Rouge, LA, Lake Charles, LA, Deer Park, TX, and Freeport, TX offices, which primarily perform work for downstream clients across the region. The Company will retain its Engineering operations and the entirety of its Automation operations located in Houston, TX, Tulsa, OK, Mobile, AL, Denver, CO, and Chicago, IL, which primarily perform midstream and downstream related projects.
ENGlobal intends to use the net proceeds from this transaction to repay its outstanding debt. The transaction has been approved by the boards of directors for both companies, and is expected to close within 60 days, subject to lender approval and the completion of customary conditions. In addition, the companies have agreed to facilitate a smooth transition of corporate service functions and to support each company's business development efforts. Under terms of the agreement, approximately 900 employees will transfer from ENGlobal to Furmanite.
"The transaction with Furmanite, representing approximately half of our business, has stood out among all alternatives as making the most sense for our employees, clients and shareholders," said William A. Coskey, P.E., Founder, Chairman and Chief Executive Officer. "The ongoing ENGlobal operations will become strategically focused, well positioned for growth, and essentially free of bank debt. We will continue to build on the expertise of our heritage Engineering and Automation segments and also expect to target specific engineered solutions, utilizing both in-house and third party intellectual property."
Mr. Coskey continued, "We are pleased to announce that throughout our turnaround plan over the last year – and through Closing of this transaction, we will have reduced our debt and vendor obligations by approximately $50.0 million. The resulting revitalized Company with 500 employees will become the foundation from which to rebuild ENGlobal."
The Company expects that this transaction will substantially complete its review of strategic alternatives. In October 2012, ENGlobal announced its plan to explore strategic alternative options, which included raising capital, selling a portion of the Company's assets, and the possible sale or merger of ENGlobal, among other alternatives. Since that time, the Company discontinued its Electrical Services division and divested its Land/Right of Way and Midstream Inspection divisions.
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