HOUSTON, Jan. 31, 2013 (GLOBE NEWSWIRE) -- ENGlobal Corporation (NASDAQ:
ENG), a leading provider of energy-related engineering and
automation services, announced today that it has been awarded a
project from Huntsman Performance Products ("Huntsman"), a division
of Huntsman Corporation (NYSE: HUN), to provide engineering and
project management services at Huntsman's manufacturing plant in
Port Neches, Texas.
In April 2012, Huntsman announced its intent to
add 250 million pounds per year of EO capacity to its existing one
billion pounds annual capacity at the same plant. ENGlobal
expects to perform the engineering, design and project management
of the reconstruction of an Ethylene Oxide (EO) Unit.
The Company will begin work on the project
immediately with engineering scheduled to be completed in the
second quarter of 2013.
Stu Monteith, President of Huntsman Performance
Products, said, "The expansion of our ethylene oxide capacity
enables Huntsman to leverage the favorable North American ethane
cost position, which will benefit our intermediate chemicals and
has an attractive projected return on investment. We are
excited to join with ENGlobal to work on this expansion."
"We are pleased to receive this award from
Huntsman, who is a long standing and valued client," said William
A. Coskey, P.E., ENGlobal's President and Chief Executive Officer.
"The award clearly affirms our industry expertise and capability in
delivering a safe, quality project in all respects. We are
deeply committed to addressing our clients' unique project needs
and production objectives."
About ENGlobal
ENGlobal (NASDAQ: ENG), founded in 1985, is a
provider of engineering and related project services principally to
the energy sector throughout the United States and internationally.
ENGlobal operates through two business segments: Automation and
Engineering & Construction. ENGlobal's Automation segment
provides services related to the design, fabrication &
implementation of process distributed control and analyzer systems,
advanced automation, and related information technology. The
Engineering & Construction segment provides consulting services
relating to the development, management and execution of projects
requiring professional engineering as well as inspection,
construction management, mechanical integrity, field support,
quality assurance and plant asset management. ENGlobal has
approximately 1,500 employees in 12 offices and
9 cities. Further information about the Company and its
businesses is available at www.ENGlobal.com.
About Huntsman
Huntsman is a global manufacturer and marketer
of differentiated chemicals. Our operating companies manufacture
products for a variety of global industries, including chemicals,
plastics, automotive, aviation, textiles, footwear, paints and
coatings, construction, technology, agriculture, health care,
detergent, personal care, furniture, appliances and packaging.
Originally known for pioneering innovations in packaging and,
later, for rapid and integrated growth in petrochemicals, Huntsman
has approximately 12,000 employees and operates from multiple
locations worldwide. The Company had 2011 revenues of over $11
billion. For more information about Huntsman, please visit the
company's website at www.huntsman.com.
Safe Harbor for Forward-Looking Statements
The statements above regarding the Company's
expectations regarding its operations and certain other matters
discussed in this press release may constitute forward-looking
statements within the meaning of the federal securities laws and
are subject to risks and uncertainties including, but not limited
to: (1) our successful execution of this project award and our
receipt of prompt payment for the services we render to our client;
(2) whether the exploration and consideration of strategic
alternatives will result in any transaction and such transaction's
effects on the Company and its stockholders; (3) our ability
to comply with the terms of the forbearance agreement with respect
to the Company's Revolving Credit and Security Agreement, including
our ability to develop a plan to restore compliance with the terms
of such credit facility; (4) our ability to obtain the cure or
waiver of defaults under the Company's Revolving Credit and
Security Agreement and our existing letter of credit facility with
Export-Import Bank of the United States; (5) our ability to
achieve profitability and positive cash flow from operations;
(6) our ability to collect accounts receivable and process
accounts payable in a timely manner; (7) our ability to
respond appropriately to the current worldwide economic situation
and the resulting decrease in demand for our services and
competitive pricing pressure; (8) our ability to achieve our
business strategy while effectively managing costs and expenses;
(9) our ability to accurately estimate costs and fees on
fixed-price contracts; (10) the effect of changes in the price
of oil; (11) delays related to the award of domestic and
international contracts; (12) our ability to execute to our
internal performance plans such as our productivity improvement and
cost reduction initiatives; (13) the effect of changes in laws
and regulations with which the Company must comply and the
associated costs of compliance with such laws and regulations,
either currently or in the future, as applicable; (14) the
effect of changes in accounting policies and practices as may be
adopted by regulatory agencies, as well as by the FASB;
(15) the effect on our competitive position within our market
area in view of, among other things, increasing consolidation
currently taking place among our competitors; (16) our ability
to win new business and convert those orders to sales within the
fiscal year in accordance with our annual business plan;
(17) achievement of our acquisition and related integration
plans; and (18) the uncertainties of the outcome of
litigation. Actual results and the timing of certain events could
differ materially from those projected in or contemplated by the
forward-looking statements due to a number of factors detailed from
time to time in ENGlobal's filings with the Securities and Exchange
Commission. In addition, reference is hereby made to cautionary
statements set forth in the Company's most recent reports on Form
10-K and 10-Q, and other SEC filings.
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CONTACT: Natalie S. Hairston
(281) 878-1000
ir@ENGlobal.com
