SQUARE D COMPLETES SALE OF ENGINEERED SYSTEMS, INC.
SQUARE D COMPLETES SALE OF ENGINEERED SYSTEMS, INC. PALATINE, Ill., July 17 /PRNewswire/ -- Square D Company and
Tanknology Environmental, Inc. today announced that Tanknology has acquired 100 percent of the stock of Engineered Systems, Inc., for approximately $7.2 million in cash.
Engineered Systems, Inc., which was acquired by Square D in 1982, is headquartered in Tempe, Ariz. It is primarily involved in the development and installation of automated systems and products for the dispensing and control of fuel at bulk petroleum products terminals. Additionally, Engineered Systems markets electronic leak detection systems and automated fuel management systems. Approximately 48 percent of Engineered Systems' current annualized revenue base is derived from the international market, and its systems and products have been installed in 21 countries. For the year ended Dec. 31, 1991, Engineered Systems generated revenues of approximately $8 million. Tanknology Environmental, Inc., provides a range of environmental and control products and services to owners and operators of underground storage tanks and bulk petroleum products terminals in the U.S. and abroad. Tanknology is headquartered in Houston, Texas. Square D Company is one of the key businesses of Schneider North America -- one of three geographic entities of the industrial businesses of Groupe Schneider, headquartered in Paris, France. The sale of Engineered Systems, Inc., is consistent with the Schneider North America strategy to focus on its core electrical distribution and industrial control businesses. With 1991 sales of approximately $11 billion, Groupe Schneider is the global leader in electrical distribution, automation and industrial control products, systems and services. -0- 7/17/92 /CONTACT: R.P. Fiorani of Square D, 708-397-2600, or fax, 708-397-2636; or Wayne Larson of Selz Seabolt & Associates, 312-372-7090, for Square D/ CO: Square D Company; Engineered Systems, Inc.; Tanknology Environmental, Inc. ST: Illinois, Arizona IN: SU:
PS -- NY049 -- 0315 07/17/92 14:32 EDT
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|Date:||Jul 17, 1992|
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