Printer Friendly

HANSON INDUSTRIES TO SELL AXELSON FOR $82.7 MILLION

 NEW YORK, Nov. 22 /PRNewswire/ -- David H. Clarke, chief executive officer of Hanson Industries, the U.S. arm of Hanson PLC (NYSE: HAN), announced today the signing of an agreement to sell its Axelson unit for $82.7 million to Wheatley TXT Corp. (NASDAQ-NMS: WTXT), a publicly held oilfield services company in Tulsa, Okla. The acquisition price of $82.7 million includes Wheatley's assumption of Axelson's $2.7 million of existing long-term debt. The transaction is subject to financing by Wheatley and certain government approvals. It is expected to be completed within two months.
 Axelson Incorporated, headquartered in Longview, Texas, with facilities in Longview and Colorado Springs, Colo., manufactures equipment for the oilfield industry, including approximately 22,000 different complete assemblies and components. Its three main product lines are sub-surface oil well pumps, sucker rods, and surface safety systems. Its trademarks include such well-known oilfield service names as Manumatic and Safomatic.
 Axelson was acquired by Hanson as part of the U.S. Industries acquisition in 1984. For the fiscal year ended Sept. 30, 1993, Axelson reported operating income of $9 million on sales of $59 million. Net book value excluding long-term debt was approximately $20.7 million. Goodwill written off on acquisition by Hanson was approximately $9 million.
 Mr. Clarke said, "This transaction provides good value to Hanson shareholders and is an excellent business fit for Wheatley."
 Hanson PLC is a British-American industrial management corporation. In the United States, Hanson Industries' operations include Peabody Holding Company, Quantum Chemical, Suburban Propane, SCM Chemicals, Cavenham Forest Industries, Beazer, Grove Crane, Jacuzzi Whirlpool Baths, Tommy Armour Golf, Hanson Office Products, and Hanson Lighting Group, among others.
 In the United Kingdom, Hanson's holdings include Imperial Tobacco, ARC Aggregates London Brick, Butterley Brick, Beazer Homes and Smith Meters.
 -0- 11/22/93
 /CONTACT: Mickey Foster of Hanson Industries, 908-603-6977/
 (HAN WTXT)


CO: Hanson Industries; Hanson PlC; Wheatley TXT Corp.; Axelson
 Incorporated ST: New York IN: MAC OIL SU:


TW -- NY021 -- 6710 11/22/93 09:33 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 22, 1993
Words:332
Previous Article:AMOCO COMPANY ANNOUNCES EXTENSION OF TENDER OFFER FOR 9 3/4 PCT DEBENTURES DUE MARCH 20, 2016
Next Article:ZENITH RAISES $42 MILLION IN SALE OF DEBENTURES TO INSTITUTIONAL INVESTORS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters