SERV-TECH ANNOUNCES EUROPEAN JOINT VENTURE
SERV-TECH ANNOUNCES EUROPEAN JOINT VENTURE HOUSTON, Feb. 12 /PRNewswire/ -- Serv-Tech, Inc. (NASDAQ: STEC)
announced that it has signed a definitive agreement with Westdeutsche Industrieinstandhaltungs Verwaltungsgesellschaft MbH (WIV), a subsidiary of Thyssen Handelsunion AG, establishing in Cologne, Germany a company to market refinery maintenance services throughout Europe. WIV, also based in Cologne, provides industrial maintenance services in Germany and the Benelux, serving a wide range of manufacturing concerns. Thyssen Handelsunion is the trading, engineering and services component of Thyssen AG, the large German industrial concern.
The agreement calls for the formation of Serv-Tech Europe GmbH, which will be jointly owned by WIV, Serv-Tech and the management. Serv- Tech will contribute its ownership interest in its U.K. subsidiary, Refinery Maintenance International, and retain a 45 percent interest in the new company. WIV will invest $4.9 million Deutschemarks, which will be used for working capital and additional capital equipment. Serv-Tech Europe will operate initially from its existing base in Crewe, England, and from Antwerp, Belgium, where it will share facilities with WIV. "The formation of Serv-Tech Europe, in conjunction with a major European industrial partner, will accelerate the growth of Serv-Tech's specialized maintenance systems in Europe," stated Richard W. Krajicek, chairman of the board of Serv-Tech, Inc. "Based upon the acceptance of our heat exchanger services during our first year of operation in the United Kingdom, this partnership with WIV will facilitate expansion into Continental European markets, particularly France, Germany and Benelux. It will also provide capital needed to support such growth." Serv-Tech provides specialty maintenance, construction, environmental, and electrical and instrumentation services to the hydrocarbon production and processing, pulp and paper, and utility industries in the United States and internationally. -0- 2/12/92 /CONTACT: John M. Slack of Serv-Tech, 713-644-9974/ (STEC) CO: Serv-Tech Inc. ST: Texas IN: SU: JVN SM -- NY029 -- 9168 02/12/92 10:53 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Feb 12, 1992|
|Previous Article:||ATMOS ENERGY CORPORATION REPORTS IMPROVED EARNINGS IN FIRST QUARTER|
|Next Article:||U.S. CUSTOMS TO HIT SWEATER IMPORTERS WITH DUMPING DUTIES|