POWELL INDUSTRIES, INC. SIGNS LETTER OF INTENT TO ACQUIRE JWP CONTROLS, INC.
HOUSTON, Aug. 4 /PRNewswire/ -- Powell Industries, Inc. (NASDAQ: POWL) announced today that it has signed a letter of intent to acquire JWP Controls, Inc., a subsidiary of JWP, Inc. (NYSE: JWP). JWP Controls, Concord, California, is an instrumentation and control systems integrator which designs, programs and installs complex Supervisory Control and Data Acquisition ("SCADA") Systems and Distributed Control Systems ("DCS") for environmental, transportation, industrial and municipal applications throughout the United States. JWP Controls had revenues of about $25 million in 1992. "JWP Controls has a strong ongoing business with leading applications software and communication technology, and a large share of several high growth markets," said Thos. W. Powell, chairman and CEO of Powell Industries, Inc. "JWP Controls fits well with Powell Industries' expansion of its business into additional market areas. In addition, JWP Controls is highly compatible with several of Powell's operating subsidiaries which are involved in the control and management of electric power and processes," said Powell. The acquisition is subject to several conditions, including the completion of due diligence and concurrence by the boards of directors of Powell and JWP on a definitive agreement. Closing of the transaction is expected to be accomplished within 60 days. The acquisition of JWP Controls is the second the company has announced this year. In June, Powell completed the acquisition of PMC Technologies, Inc., a California-based firm that designs and manufactures medium-voltage power circuit breakers. PMC is now a subsidiary of Powell Electrical Manufacturing Company and has been renamed Powell-Innovative Breaker Technologies, Inc. Powell Industries, Inc. designs, manufactures and packages electrical generation, distribution and control equipment. -0- 8/4/93 /CONTACT: J.F. Ahart of Powell Industries, 713-947-4422/ (POWL JWP)
CO: Powell Industries, Inc.; JWP, Inc. ST: Texas IN: CPR SU: TNM
SH -- NY066 -- 9434 08/04/93 14:02 EDT
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|Date:||Aug 4, 1993|
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