GALVESTON-HOUSTON COMPANY ANNOUNCES LETTER OF INTENT TO ACQUIRE TOTAL ENGINEERING SERVICES TEAM, INC.
HOUSTON, May 7 /PRNewswire/ -- Galveston-Houston Company (NYSE: GHX) announced today that it has signed a letter of intent for the acquisition of all the assets of Total Engineering Services Team, Inc. ("TEST") of Gretna, La., for approximately $15.5 million in cash from Total Energy Services Company of Houston. Consummation of the acquisition is subject to satisfactory due diligence by Galveston- Houston Company and other conditions. TEST is a supplier of engineering and control instrumentation systems and services to the oil and gas industry, primarily for use on offshore production platforms. For the 12 months ended Dec. 31, 1992, TEST had total revenues of approximately $27 million. Nathan M. Avery, chairman of Galveston-Houston, stated, "TEST has an established reputation with over 20 years of experience, is a market leader in the U.S. Gulf of Mexico and West African markets, and has a strong position in several other geographic areas. They complement the business of our GH-Flow Automation Division (flow measurement products and systems) as well as our GH-Bettis Division (valve actuators)." 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- 5/7/93 /CONTACT: Wilfred M. Krenek or Larry Medford of Galveston-Houston Company, 713-966-2500/ (GHX)
CO: Galveston-Houston Company; Total Engineering Services Team, Inc. ST: Texas, Louisiana IN: OIL SU: TNM
GK -- NY036 -- 5900 05/07/93 11:13 EDT
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|Date:||May 7, 1993|
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