ENGlobal Corp., which is based in Houston and has an office in Baton Rouge, said Thursday it is exploring possible alternatives to improve shareholder value, among them raising capital, selling a portion of the company’s assets and the possible sale or merger of ENGlobal.
The board of directors has retained Simmons & Co. International as its financial adviser during the process.
The company said it will not provide updates or further comments until the board has approved a course of action.
ENGlobal said it continues to take actions to streamline its operations, including the previously announced divestiture of its Field Solutions segment, reducing expenses and retaining a management consultant to perform advisory services.
ENGlobal, founded in 1985, provides engineering and related project services, principally to the energy sector internationally.
Other offices are in Beaumont and Freeport, Texas; Chicago; Denver; Lake Charles; Mobile, Ala.; and Tulsa, Okla.
Copyright © 2014, Capital City Press LLC • 7290 Bluebonnet Blvd., Baton Rouge, LA 70810 • All Rights Reserved