MONTANA POWER PURCHASES NORTH AMERICAN ENERGY SERVICES CO.
MONTANA POWER PURCHASES NORTH AMERICAN ENERGY SERVICES CO. BUTTE, Mont., Nov. 9 /PRNewswire/ -- The Montana Power Co. (NYSE: MTP), headquartered in Butte, and North American Energy Services Co. in Issaquah, Wash., a Seattle suburb, jointly announced today that Montana Power has acquired the Washington firm, according to Montana Power. North American Energy Services (North American), which provides energy-related support services to electric utilities, private power- generating companies, and pulp and paper businesses, was owned equally by Portland General Electric Corp. (NYSE: PGN), PacifiCorp (NYSE: PPW), Puget Sound Power & Light Co. (NYSE: PSD) and The Washington Water Power Co. (NYSE: WWP). North American and its management will remain in Issaquah. While full details of the acquisition were not released, Montana Power, which is a diversified, investor-owned electric and natural gas utility, did say that it has acquired all of the common stock and assets of North American. The purchase was made through Continental Energy Services (Continental). Montana Power Chairman and Chief Executive Officer Dan Berube said, "The purchase of North American provides an excellent opportunity for Montana Power to expand its cogeneration and independent power business under Continental, which is part of our Independent Power Group (IPG)." Incorporated in 1980, North American has grown steadily. In 1991, revenues were in excess of $50 million for the company that currently employs more than 400 people in management, engineering, technical and administrative positions in its corporate and field offices throughout the United States. Currently, North American has approximately 1,800 megawatts of non-utility generation operations and maintenance contracts, and provides maintenance services at 8,000 megawatts of utility-owned power plants. Montana Power's Independent Power Group is one of three business segments of the corporation. The other two are the Utility Group, which oversees utility operations, and Entech Inc., an administrative company that oversees non-regulated business activities in coal, oil and gas, technology and waste management. The IPG, with 1991 revenues of $79 million, consists of a non- regulated power marketing segment, and Continental, an owner of cogeneration and independent power projects. Continental's president and chief operating officer is Dick Cromer. "Continental's interest in power projects matched with North American's abilities in power plant operations and maintenance make an excellent strategic fit," Cromer said. The combined expertise of the two companies will be complemented by Entech's ability to provide natural gas and coal as fuel sources. In 1991, all activities of Montana Power generated $939 million of revenue. -0- 11/9/92 /CONTACT: Cort Freeman of Montana Power, 406-496-5068/ (MTP PGN PPW PSD WWP) CO: The Montana Power Co.; North American Energy Services Co.; Portland General Electric Corp.; PacifiCorp; Puget Sound Power & Light Co.; The Washington Water Power Co.; Entech; Independent Power Group IN: UTI SU: TNM
SW-JH -- SE007 -- 8993 11/09/92 19:24 EST
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|Date:||Nov 9, 1992|
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