DRESSER INDUSTRIES MAKES ANNOUNCEMENT
DRESSER INDUSTRIES MAKES ANNOUNCEMENT DALLAS, Feb. 5 /PRNewswire/ -- Dresser Industries, Inc. (NYSE: DI),
has announced its intention to spin off to its shareholders its industrial and mining equipment divisions. Dresser is now in the process of transferring ownership of these divisions to a subsidiary company, which will then be spun off to shareholders in a transaction expected to be tax free. The businesses to be transferred include the company's Harbison-Walker refractory refractory
Material that is not deformed or damaged by high temperatures, used to make crucibles, incinerators, insulation, and furnaces, particularly metallurgical furnaces. operations, Jeffrey underground mining equipment, Marion draglines and power shovels, Industrial Tools, Air Compressor compressor, machine that decreases the volume of air or other gas by the application of pressure. Compressor types range from the simple hand pump and the piston-equipped compressor used to inflate tires to machines that use a rotating, bladed element to achieve operations in France, the company's 50 percent interest in a construction equipment operation in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , and the company's subsidiary which owns a 50 percent interest in the Komatsu-Dresser construction equipment joint venture. Excluding the construction equipment joint ventures, these businesses had revenues of $618 million in 1991, approximately ap·prox·i·mate
1. Almost exact or correct: the approximate time of the accident.
2. 13 percent of total Dresser consolidated revenues. The company stated that it is filing with the Internal Revenue Service a request for a ruling that the transaction will be treated as a tax-free distribution to shareholders.
John J. Murphy, chairman and president of Dresser, stated that, "This is the culmination of a program that has been underway for several years to concentrate Dresser's focus on providing oilfield products and services for oil and gas exploration and production, as well as products and services for the transportation, processing, conversion and marketing of oil and gas and related products. Since 1986, we have disposed of businesses that are not related to the oil, gas and chemical industries we choose to serve. "The completion of this program will enable Dresser to devote all of its available resources to its core energy-related operations and at the same time will provide greater growth opportunities for the unrelated business segments that will be spun off to the shareholders." Headquartered in Dallas, Dresser is a major supplier of highly engineered products and services primarily utilized in energy-related activities throughout the world. -0- 2/5/92 /CONTACT: Kenneth C. Rueckert of Dresser Industries, 214-740-6757/ (DI) CO: Dresser Industries, Inc. ST: Texas IN: OIL SU:
JT -- NY087 -- 7434 02/05/92 18:24 EST EST electroshock therapy.