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WEATHERFORD TO ACQUIRE HOMCO FROM W.R. GRACE

 HOUSTON, Jan. 28 /PRNewswire/ -- Weatherford International (AMEX: WII) announced today that it has signed a definitive agreement to acquire Homco International from W.R. Grace (NYSE: GRA) for $97.5 million cash and the assumption of certain liabilities.
 Homco is a leading oilfield services company with operations in more than 70 locations throughout the U.S., Canada, Europe and Southeast Asia. Most of Homco's operations, which include fishing and rental tool services, are complementary to Weatherford's Petco division. Homco's 1992 revenues were approximately $120 million.
 Weatherford is a diversified international energy service and manufacturing company that provides tubular running and fishing services, rents specialized equipment and fishing tools and sells products and equipment to the oil and gas industry from more than 90 international locations.
 Revenues for the two companies, had they been combined in 1992, would have been approximately $325 million. Both Weatherford and Homco are headquartered in Houston with combined worldwide workforces of approximately 3,000 employees.
 "The acquisition of Homco is an important step in making Weatherford the market leader in each of its core businesses. Homco will significantly strengthen our presence in the fishing and rental tool businesses," said Philip Burguieres, chairman of the board, president and chief executive officer of Weatherford. "We expect a significant earnings contribution from Homco during 1994 as the Weatherford and Homco operations are combined and operating costs are reduced."
 The transaction is subject to the receipt of antitrust clearance and corporate regulatory approvals and the fulfillment of other customary conditions. The parties expect the acquisition to close by late March or early April 1993.
 -0- 1/28/93
 /CONTACT: Norman W. Nolen, chief financial officer of Weatherford International, 713-439-9400/


CO: Weatherford International Incorporated; Homco International;
 W.R. Grace ST: Texas IN: OIL SU: TNM


RA-BR -- AT006 -- 0094 01/28/93 09:21 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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