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SERVICE CORPORATION INTERNATIONAL SIGNS DEFINITIVE AGREEMENT TO EXPAND FUNERAL OPERATIONS INTO AUSTRALIA

 HOUSTON, June 7 /PRNewswire/ -- Service Corporation International (NYSE: SRV) (SCI) announced today the signing of a definitive agreement under which SCI will acquire all business assets of Pine Grove Funeral Group (Pine Grove), the largest funeral and cremation services provider in the Commonwealth of Australia. The purchase price, defined in U. S. dollars is $69 million. The transaction is subject to approval by the Australian Foreign Investment Review Board and is expected to close this summer.
 Headquartered in Sydney, Australia, Pine Grove owns and operates 58 funeral homes and eight cemetery/crematoria operations, all located in the five metropolitan population centers of Sydney, Brisbane, Adelaide, Melbourne and Perth. Pine Grove performs 16,000 funeral services annually, representing 13 percent of the funerals in Australia, and 19,000 cremations or burials annually, which represents 16 percent of that market. The acquisition is expected to add $32 million to SCI's annual revenue. In addition, Pine Grove is the leader in the marketing of pre-need funeral, burial and cremations services with over $33 million of prearrangements sold.
 R. L. Waltrip, Chairman of SCI said, "This acquisition represents a tremendous expansion step for SCI. These fine funeral service properties will establish our first foreign operation outside North America, representing the beginning of a truly global SCI. Pine Grove operates high volume funeral and cemetery properties with long-standing heritages in major metropolitan areas in Australia -- a perfect complement to SCI's clustering philosophy in the United States and Canada. We couldn't be more pleased with this acquisition and the potential for further expansion of our operations in Australia."
 Service Corporation International is the world's largest funeral service organization. Completion of the Pine Grove acquisition will increase SCI's operations to 745 funeral homes and 182 cemeteries in 39 states, the District of Columbia, Australia and four Canadian provinces. SCI's stock is traded on the New York Stock Exchange. The company's ticker symbol is SRV.
 -0- 6/7/93
 /CONTACT: Bill Barrett, 713-525-5497, or George Champagne, 713-525-5546, both of Service Corporation International/
 (SRV)


CO: Service Corporation International ST: Texas IN: SU:

SH -- NY024 -- 5894 06/07/93 09:37 EDT
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Publication:PR Newswire
Date:Jun 7, 1993
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