GALVESTON-HOUSTON ACQUIRES ASSETS OF DIVISION OF HYDRIL AND TERMINATION OF NEGOTIATIONS TO ACQUIRE TOTAL ENGINEERING SERVICES TEAM, INC.
HOUSTON, June 2 /PRNewswire/ -- Galveston-Houston Company (NYSE: GHX) announced today that it has acquired certain assets of the Production Technology Division (the "PTD Division") of Hydril Company for $2 million in cash. The PTD Division engineers, manufactures and markets, on a world-wide basis, flow measurement and control products used in oil and gas transmission and various industrial applications. Product lines include turbine meters, oil/water instrumentation and remote terminal units for supervisory control and data acquisition systems. In 1992, total revenue for the PTD Division exceeded $5 million. Galveston-Houston Company Chairman, Nathan M. Avery, remarked, "The acquisition of Hydril's Production Technology Division complements the business of our GH Flow Automation Division, furthers our technological integration of products for use in precise flow measurement and strengthens our participation in international markets." Galveston-Houston Company also announced that it had terminated the previously announced negotiations to acquire Total Engineering Services Team, Inc. from Total Energy Services Company of Houston. Galveston-Houston Company manufactures valve actuators for the energy and other industrial markets, flow measurement products and systems for the oil and gas industry, and replacement parts and excavator buckets for the construction, mining and other earthmoving industries. Galveston-Houston Company stock is traded on the New York Stock Exchange under the symbol GHX. -0- 6/2/93 /CONTACT: Wilfred M. Krenek or Larry Medford, both of Galveston- Houston Company, 713-966-2500/ (GHX)
CO: Galveston-Houston Company; Hydril Company ST: Texas IN: SU: TNM
SH -- NY056 -- 4507 06/02/93 13:29 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jun 2, 1993|
|Previous Article:||FEDERAL EXPRESS CORPORATION ANNOUNCES RESIGNATIONS OF TWO EXECUTIVES|
|Next Article:||ROBERTS PHARMACEUTICAL CORPORATION APPOINTS VICE PRESIDENT, DEVELOPMENTAL THERAPEUTICS|