RAYTHEON COMPLETES EBASCO ACQUISITION FOR $210 MILLION
LEXINGTON, Mass. Dec. 22 /PRNewswire/ -- Raytheon Company (NYSE: RTN) said today that Raytheon Engineers & Constructors, its wholly-owned subsidiary, has completed the purchase of the principal operating assets of Ebasco Services, Inc., the engineering and construction subsidiary of ENSERCH Corp. (NYSE: ENS), for $210 million in cash. Raytheon and ENSERCH announced an agreement for the purchase on Nov. 17. The acquisition includes Ebasco's infrastructure, electric power generation, and construction operations but excludes the environmental division. Raytheon Engineers & Constructors made the acquisition to accelerate its growth in the global engineering and construction business. With the addition of the Ebasco units, Raytheon Engineers & Constructors becomes one of the largest engineering and construction firms in the world, with $2.7 billion in annualized sales and more than 28,000 professional and construction workers. The company expects the addition of Ebasco will add to commercial profits in 1994. Ebasco, headquartered in New York City, and with 28 additional locations in the U.S., is active in the engineering and construction of power plants and infrastructure projects, and in providing quality assurance services in the U.S. and worldwide. The Ebasco purchase is Raytheon's third in the engineering and construction field in 1993, following earlier acquisitions of the assets of Gibbs & Hill and Harbert Construction. The acquisition is also Raytheon's second major commercial purchase since August, when the company bought British Aerospace's 125 line of business jets. Raytheon Company is a $9 billion diversified technology company with sales in four business segments: Electronics, Aircraft Products, Energy and Environmental, and Major Appliances. -0- 12/22/93 /CONTACT: Ed Powers of Raytheon, 617-860-2415/ (RTN ENS)
CO: Raytheon Raytheon Company (NYSE: RTN) is a major American defense contractor and industrial corporation with core manufacturing concentrations in defense systems and defense and commercial electronics. Company; Raytheon Engineers & Constructors; Ebasco
Services, Inc.; ENSERCH Corp. ST: Massachusetts, New York IN: CST SU: TNM
DJ-CM -- NE004 -- 6607 12/22/93 14:00 EST EST electroshock therapy.