ENGlobal (ENG) surges on new contract

ENGlobal (Nasdaq: ENG) shares hiked 15.4% to $3.60, after the leading provider of engineering and related project services announced that it has been awarded an engineering, procurement, and construction services agreement from Georgia-Pacific Chemicals LLC, a leading chemical manufacturer. Volume for the stock topped 159,000 shares, dwarfing an all-day average of around 62,000.

The contract scope includes prioritizing and performing engineering and detail design support services for various plant systems. GP Chemicals has directed ENGlobal to evaluate equipment, data availability and delivery, as well as required unit start-up and commissioning dates.

It is anticipated that ENGlobal’s procurement responsibilities will include managing the overall purchasing process, including preparing requests for proposal (RFP) documents, evaluating commercial and technical terms, purchasing equipment, and managing purchase orders and contracts, among other services.

ENGlobal CEO Edward L. Pagano was quoted in the July 6 release announcing the contract as saying: “We are especially pleased to announce this significant award from Georgia-Pacific Chemicals, which demonstrates a successful cross-selling initiative between our Automation and Engineering & Construction segments.

“In addition,” Pagano concluded, “this award achieves one of our Markets Strategy initiatives, which is to provide multiple services across our core client base.”

ENGlobal, founded in 1985 and headquartered in Houston, is a provider of engineering and related project services principally to the energy sector throughout the United States and internationally.

Tags: buzz stocks, ENG, nasdaq, technology, technology services, Technology Stocks

This entry was posted on Wednesday, July 6th, 2011 at 3:48 pm by Glenn and is filed under Technology Stocks. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.