BWIP HOLDING ACQUIRES 100 PERCENT OF STOCK OF ACEC CENTRIFUGAL PUMPS S.A.
BWIP HOLDING ACQUIRES 100 PERCENT OF STOCK OF ACEC CENTRIFUGAL PUMPS S.A. LONG BEACH, Calif., Nov. 4 /PRNewswire/ -- BWIP Holding Inc. (NASDAQ-NMS: BWIP), parent company of BW/IP International Inc., has acquired 100 percent of the stock of ACEC Centrifugal Pumps S.A. (ACP), a wholly owned subsidiary of S.A. Union Miniere N.V., a Belgian corporation. The value of the transaction was not disclosed. ACP's annual sales are approximately $12 million (360 million Belgian francs). ACEC Centrifugal Pumps operates one plant in the city of Charleroi, which is located in the southern region of Belgium. The company manufactures original equipment and parts and conducts pump repairs at this facility. Until 1987, ACEC manufactured pumps under license to United Centrifugal Pumps (UCP), a San Jose, Calif., company purchased by BW/IP International in 1988. After 1987, ACEC continued building UCP-design and ACEC-design pumps under the ACEC trade name. BW/IP estimates that more than 5,000 UCP-licensed pumps manufactured by ACEC are installed worldwide, a base of equipment presenting ongoing aftermarket sales potential. ACEC Centrifugal Pumps will operate as a wholly owned subsidiary of BW/IP International B.V., a pump-manufacturing subsidiary of BW/IP International, headquartered in Etten-Leur, the Netherlands. Peter C. Valli, BWIP chairman and chief executive officer, said, "This acquisition allows us to broaden the original equipment product lines we manufacture in Europe and gives us access to a large base of UCP and ACEC-designed pumps that require regular aftermarket service, repair and parts. The Charleroi plant and its supporting international sales organization will become an important addition to our worldwide network of pump-manufacturing and service facilities. We plan to make investments in Charleroi that will keep the facility competitive on a global basis and enhance our investment for the longer term." BW/IP International is a worldwide supplier of advanced- technology pump, seal and fluid-control equipment and services. The company's Pump and Seal segment produces highly engineered pumps and pumping equipment, precision mechanical seals, seal systems and accessories. The Fluid Controls segment manufactures aerospace control systems for tactical missiles and aircraft. -0- 11/4/92 /CONTACT: Dan Peoples of Peoples & Co., 213-435-3700, ext. 2307, for BWIP Holding/ (BWIP) CO: BWIP Holding Inc.; BW/IP International Inc.; ACEC Centrifugal Pumps S.A. ST: California IN: ARO SU: TNM
BP-JL -- SD002 -- 2272 11/04/92 07:00 EST
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|Date:||Nov 4, 1992|
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