Printer Friendly

TANKNOLOGY TO ACQUIRE ENGINEERED SYSTEMS

 TANKNOLOGY TO ACQUIRE ENGINEERED SYSTEMS
 Palatine, Ill., June 4 /PRNewswire/ -- Tanknology Environmental,


Inc. (NASDAQ: TANK) and Square D Co. today announced that they had entered into a letter of intent, wherein Tanknology would acquire 100 percent of the stock of Engineered Systems, Inc. from Square D Co. The transaction is subject to the negotiation of a definitive agreement, the approval of the boards of directors of Tanknology Environmental, Inc. and Square D Co. and certain other contingencies. Terms of the prospective transaction were not disclosed. Assuming consummation of the transaction, it is expected that Tanknology will file a Form 8-K with the SEC describing the terms of the acquisition.
 Engineered Systems, Inc., a subsidiary of Square D Co., acquired by Square D in 1982, was founded in 1970. It is primarily involved in the development and installation of automated systems for the dispensing and control of fuel at bulk petroleum products terminals. Additionally, Engineered Systems, Inc. markets electronic leak detection systems and automated fuel management systems.
 Engineered Systems is headquartered in Tempe, Ariz., and its systems and products have been installed in 21 countries. Approximately 50 percent of its current annualized revenue base is derived from the international market. For the year ended Dec. 31, 1991, Engineered Systems had revenues of approximately $8 million.
 Tanknology Environmental, Inc. provides a broad range of environmental services to owners and operators of underground storage tanks in the U.S. and abroad. The company is headquartered in Houston, and its shares are traded on NASDAQ'S National Market System under the ticker symbol "TANK."
 -0- 6/4/92
 /CONTACT: Bob Fiorani of Square D, 708-397-2600/
 (TANK) CO: Tanknology Environmental, Inc.; Square D Co.; Engineered Systems,
 Inc. ST: Illinois, Texas IN: SU: TNM


LR -- NY062 -- 7096 06/04/92 13:52 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 4, 1992
Words:296
Previous Article:1992 EDITION OF MINNESOTA RURAL INVESTMENT GUIDE RELEASED
Next Article:POWER AUTHORITY'S FLYNN CITES LOCAL ACTIONS ON ENVIRONMENT
Topics:


Related Articles
TANKNOLOGY ENVIRONMENTAL ANNOUNCES RESTRUCTURING OF SENIOR MANAGEMENT
SQUARE D COMPLETES SALE OF ENGINEERED SYSTEMS, INC.
Banister Foundation Inc. Acquires 75% Interest in Tanknology Canada Inc.
TEI, Inc. (Formerly Known as Tanknology Environmental, Inc.) Reports Fourth Quarter and Year-End Operating Results
Tanknology-NDE Announces Strategic Alliance with Veeder-Root Company
Tanknology-NDE To Provide Outsource Environmental Compliance Management To Ryder
Tanknology-NDE Signs Compliance Management Contract with Dairy Mart Convenience Stores
Tanknology Announces Acquisition of Outbound Services, Inc.
Tanknology-NDE Announces Name Change.
Allen Porter Joins Tanknology as Vice President of Sales.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters