ASTROTECH SUBSIDIARY COMPLETES ACQUISITION OF BRITISH OPERATION
- PITTSBURGH, Nov. 19 /PRNewswire/ -- S. Kent Rockwell, Chairman and
Chief Executive Officer of Astrotech International Corporation
(AMEX: AIX) today announced that Astrotech's HMT Inc. subsidiary has completed the acquisition of Rubbaglas (Petroseals) Ltd., a privately held British Company headquartered in London, England.
Rubbaglas (Petroseals) Ltd. has fifty years' experience in the design, manufacture and installation of equipment for the aboveground storage tank industry. Rubbaglas (Petroseals) Ltd.'s manufacturing facility is in London, England and it has a sales network and distribution system throughout the United Kingdom, Continental Europe, Africa and the Middle East. Mr. Rockwell said that "we are pleased that we were able to successfully complete this strategic acquisition which will now enable us to consolidate our European and Mid-East operations. Rubbaglas' sales network and distribution system, currently in place throughout the European and Middle East Regions, will facilitate the sales of our products and provide greater access to these markets." The purchase price paid for Rubbaglas consisted of cash in the amount of $2,250,000 and additional contingent consideration in the form of an Earn-Out, based on future performance. Astrotech is a leading supplier of proprietary products and services for the inspection, maintenance and repair of large aboveground storage tanks located primarily at petroleum and petrochemical terminals, refineries and pipeline facilities. These services and products enable its customers to comply with increasingly stringent environmental regulations and to improve operating efficiencies. Astrotech's Common Stock and Warrants currently trade on the American Stock Exchange under the symbols AIX and AIXws, respectively. -0- 11/19/93 /CONTACT: Raymond T. Royko, Vice President and Secretary, of Astrotech, 412-391-1896/ (AIX)
CO: Astrotech International Corporation; HMT Inc.; Rubbaglas
(Petroseals) Ltd. ST: Pennsylvania IN: OIL SU: TNM
KC -- PG004 -- 6488 11/19/93 11:18 EST