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ENG > SEC Filings for ENG > Form 8-K on 3-Sep-2013All Recent SEC Filings

Show all filings for ENGLOBAL CORP



Completion of Acquisition or Disposition of Assets

Item 2.01. Completion of Acquisition or Disposition of Assets.

On August 30, 2013, the Registrant issued a press release announcing the completion of the sale of its Gulf Coast engineering and in-plant operations to Furmanite America, Inc. ("FAI"), a subsidiary of Furmanite Corporation (NYSE:
FRM) ("Furmanite"). The total consideration of the transaction to the Registrant was approximately $20 million, consisting primarily of cash funded at closing. The Company will use the cash proceeds from the transaction to repay its outstanding debt under its existing credit facility and for working capital purposes. The press release in its entirety is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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