TUBOSCOPE VETCO INTERNATIONAL CORPORATION ANNOUNCES ACQUISITION OF CTI INSPECTION SERVICES INC.
HOUSTON, March 26 /PRNewswire/ -- Tuboscope Vetco International Corporation (NASDAQ-NMS: TUBO) announced today that it has reached a definitive agreement to acquire CTI Inspection Services, Inc., of Martinez, Calif., for $2.1 million of the company's common stock. CTI Inc. is a leader in the emerging market for above ground storage tank and pressure vessel inspection and had 1992 sales of $3.0 million. CTI has offices in Martinez; Houston; Aston, Pa.; and Chicago. John McGlynn will remain as president of CTI. Commenting on the acquisition, Martin R. Reid, chairman and CEO of Tuboscope Vetco International stated, "The combination of: increased awareness of environmental and safety issues; the issuance by the American Petroleum Institute of new standards recommending a significant increase in tank and pressure vessel inspections; and the availability of advanced inspection technologies, leads us to believe that this area may experience rapid market growth over the next 5-10 years. We are pleased to be able to join with CTI in the pursuit of this market." Tuboscope Vetco International is the world's leading supplier of coating and inspection services to the petroleum industry; supplies in- service inspection for oil and gas pipelines; sells and leases advanced in-line inspection to the makers of oil country tubular goods and provides quality assurance and inspection services to a diverse range of world-wide industries. Tuboscope Vetco International is headquartered in Houston and services markets in over 54 countries. 1992 sales were $165.0 million. The company is traded on the NASDAQ National Market System under the symbol "TUBO." -0- 3/26/93 /CONTACT: M. R. Reid, or R. L. Koons of Tuboscope Vetco International Corporation, 713-799-5100/ (TUBO)
CO: Tuboscope Vetco International Corporation ST: Texas IN: OIL SU: TNM
SH -- NY020 -- 0001 03/26/93 10:24 EST
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|Date:||Mar 26, 1993|
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