This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Furmanite Announces Agreement To Acquire ENGlobal’s Gulf Coast Operations

Stock quotes in this article: FRM

Furmanite Corporation (NYSE: FRM), reported today that it has entered into an agreement to acquire certain professional service assets of ENGlobal Corporation (NASDAQ: ENG). Included in the assets to be acquired are offices in Beaumont, Texas; Deer Park, Texas; Freeport, Texas; Baton Rouge, Louisiana and Lake Charles, Louisiana, which provide specialty technical services relating to the development, management and execution of projects, as well as ENGlobal’s related In-Plant operations throughout the Gulf Coast region which are supported by those offices. These combined ENGlobal operations provide project planning, professional engineering, downstream non-destructive testing and inspection, construction management, mechanical integrity, field support, quality assurance and plant asset management services. Current ENGlobal customers include refining/petrochemical operators as well as maintenance and Engineering and Construction contractors serving the downstream and midstream oil and gas markets.

The transaction has been approved by the boards of directors for both companies, and is expected to close within 60 days after the execution date for the agreement. The current employees within these operations of ENGlobal, totaling approximately 900 full-time professionals, will transition to Furmanite Technical Solutions (“FTS”), a newly formed business unit of Furmanite America, Inc., in connection with the transaction.

“FTS will operate as a synergistic “sister” unit to Furmanite’s existing specialty industrial service operations, under the continuing leadership of the current team,” said Charles R. Cox, Chairman and CEO of Furmanite. “We are extremely pleased to welcome this entire talented team who bring significant additional technical capabilities to Furmanite. They will enable us to vastly expand the range of integrated services we can offer our customers, initially to the Gulf Coast region, and ultimately throughout Furmanite’s extensive global coverage.”

Robert C. “Bob” Smith, Senior Vice President of ENGlobal’s Gulf Coast project operations, said, “This new relationship creates opportunities for growth and positive future outcomes. As discussions with Furmanite progressed, we were all struck by how unique and synergistic this combination of complimentary talents will potentially be for all stakeholders. We are extremely excited about the many possibilities to serve our customers better and with greater resources than ever before!”

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs