Advocate business staff report
October 17, 2012
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.