Printer Friendly

FMC TO PURCHASE JETWAY SYSTEMS DIVISION OF ABEX

 CHICAGO, May 9 /PRNewswire/ -- FMC Corp. today announced that it has signed a definitive agreement to acquire the Jetway Systems Division of Abex Inc., for approximately $40 million cash, subject to certain adjustments. Based in Ogden, Utah, Jetway Systems is the world leader in design, production and installation of passenger boarding bridges and other aircraft support systems.
 Completion of the deal is subject to requisite government filings. The transaction is targeted for completion by the end of May.
 According to Robert N. Burt, FMC chairman and chief executive officer: "Jetway fits FMC's strategy of focusing on acquisitions in markets we understand and will build on our existing capabilities in the airline ground support market.
 "Jetway is the established market and technology leader in passenger boarding bridges and is at the forefront of the trend toward integrated gate systems, which provide such additional services as potable water, pre-conditioned air and electrical power to the aircraft via the bridge. The addition of Jetway Systems complements FMC's own leading positions in aircraft cargo loaders and deicers," she noted. "And FMC's strengths in international markets will enhance Jetway's growth potential outside the United States."
 FMC said Jetway Systems will be combined with FMC's Airline Equipment Division within the company's Energy and Transportation Equipment Group.
 Jetway Systems began in 1959 as a new business development of Stanray Pacific Corp., based in Los Angeles. In that year, the company won a competition to design and build a new concept in passenger boarding -- an enclosed boarding bridge -- for United Airlines. The passenger boarding bridge business was moved to Ogden, Utah, in 1960. Stanray Pacific was acquired by IC Industries of Chicago in 1976, with Jetway Systems operating as part of that company's Pneumo Abex Group. In 1988, Pneumo Abex was purchased by a predecessor of Abex, which became a public company in 1992.
 FMC Corp. is one of the world's leading producers of chemicals and machinery for industry, government and agriculture. The Chicago-based company reported annual sales of $3.8 billion in 1993, with international sales to more than 100 countries accounting for 45 percent of total annual revenues. FMC employs 21,000 people at 99 manufacturing facilities and mines in 20 countries. The company divides its businesses into five major segments: Industrial Chemicals, Performance Chemicals, Precious Metals, Defense Systems, and Machinery and Equipment.
 -0- 5/9/94
 /CONTACT: at FMC, Pat Brozowski, 312-861-6104, or investor relations: Lisa Azzarello, 312-861-6921/


CO: FMC Corp.; Abex Inc. ST: Illinois, Utah IN: CHM MAC SU: TNM

LG -- NY041 -- 3825 05/09/94 10:00 EDT
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 9, 1994
Words:425
Previous Article:AMERICAN TELECASTING TO ACQUIRE WIRELESS CABLE SYSTEMS SERVING FIVE MARKETS WITH 32,000 SUBSCRIBERS, 1.2 MILLION HOMES
Next Article:SPECTRAN REPORTS FIRST QUARTER RESULTS
Topics:

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters