DRESSER INDUSTRIES, INC. ANNOUNCES AGREEMENT IN PRINCIPLE TO ACQUIRE BREDERO PRICE HOLDING B.V.
DALLAS, Feb. 1 /PRNewswire/ -- Dresser Industries, Inc. (NYSE: DI) today announced that it has reached an agreement in principle to acquire the worldwide pipe coating business of Bredero Price Holding B.V. from the Royal Begemann Group of The Netherlands. A Dresser representative stated that the purchase price will be approximately $160 million. Bredero Price is a multinational company and serves markets for both onshore and offshore pipe coating. Bredero Price's annual sales volume approximates $160 million. The company is headquartered in The Netherlands and has facilities in England, Scotland, Malaysia, Nigeria, Indonesia, Norway and the Middle East among others. John J. Murphy, chairman of Dresser, stated that, "The acquisition of Bredero Price, with its substantial market share and excellent earnings, will strengthen our Oilfield Services Segment. This acquisition continues Dresser's focus on the hydrocarbon energy sector, and we are pleased that Bredero Price's technology and service capabilities will allow Dresser's expansion into this additional market segment." Headquartered in Dallas, Dresser Industries, Inc. is a major supplier of highly engineered products and services primarily utilized in energy-related activities throughout the world. -0- 2/1/93 /CONTACT: Kenneth C. Rueckert for Dresser Industries, Inc., 214-740-6757/ (DI)
CO: Dresser Industries, Inc. ST: Texas IN: OIL SU: TNM
LR -- NY060 -- 1339 02/01/93 11:43 EST
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|Date:||Feb 1, 1993|
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