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BAROID ANNOUNCES SALE OF ATLAS BRADFORD

 BAROID ANNOUNCES SALE OF ATLAS BRADFORD
 HOUSTON, Dec. 5 /PRNewswire/ -- Baroid Corporation today announced


that is has signed a letter of intent to sell the assets of Atlas Bradford, a domestic manufacturer of premium threaded connections, to Energy Ventures, Inc. for approximately $15 million in total consideration consisting of $10.6 million in cash plus retained accounts receivable.
 The sale and associated write down of retained real estate will result in a $16.0 million charge to earnings in the fourth quarter of 1991. For the first nine months of 1991 Atlas Bradford reported an operating loss of $1.4 million on sales of $15.0 million.
 The sale of Atlas Braford reflects Baroid Corporation's continued strategic focus on the international and higher technology segments of the drilling market.
 The transaction, which is expected to close in January to February 1992, is subject to the execution of a definitive agreement.
 Baroid Corporation is a leading worldwide supplier of petroleum services and equipment.
 -0- 12/5/91
 /CONTACT: Robert P. Wallace of Baroid, 713-987-5186/
 (BRC) CO: Baroid Corporation ST: Texas IN: OIL SU:


SM-OS -- NY036 -- 9578 12/05/91 10:26 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Dec 5, 1991
Words:191
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