Bucyrus International To Buy Marion Power Shovel From Global Industrial Technologies
DALLAS, Texas, April 8 /PRNewswire/ -- Global Industrial Technologies, Inc. (NYSE NYSE
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GIX Generalized Interactive Executive ) ("Global") and Bucyrus International, Inc. ("Bucyrus") today announced that they have entered into a letter of intent for Global to sell the assets of The Marion Power Shovel Company ("Marion") to Bucyrus. Global had previously announced that the sale of Marion would complete its exit from the mining equipment business. Subject to Board approval, both Bucyrus and Global expect to sign a definitive purchase and sale agreement by June 1, 1997. Closing would be subject to customary contingencies for this type of transaction.
Bucyrus, with sales of $263.8 million in 1996, combined with Marion, with sales of $111.4 million in FY 1996, will continue to provide new equipment and the related parts and service for the worldwide surface mining industry. The combined businesses will provide improved and cost effective parts and support services to its worldwide customer base.
Bucyrus International is a leading manufacturer of surface mining equipment.
Global Industrial Technologies is a major manufacturer of technologically advanced industrial products that support high-growth markets worldwide.
SOURCE Global Industrial Technologies
/CONTACT: George Pasley, V.P. Communications, Global Industrial Technologies, 214-953-4510/
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KS -- ATTU Attu, island: see Aleutian Islands. 012 -- 8927 04/08/97 09:45 EDT http://www.prnewswire.com