WHEATLEY TXT CORP. COMPLETES ACQUISITION OF AXELSON, INC.
HOUSTON, Jan. 3 /PRNewswire/ -- Wheatley TXT Corp. (NASDAQ NMS: WTXT) announced that it completed on Dec. 31, 1993 its previously announced acquisition of Axelson, Inc. from a subsidiary of Hanson plc for $80 million. Wheatley financed the acquisition with a $12 million amortizing note to Hanson having a final maturity in 1999 and $68 million of borrowings under a new bank revolving and term loan facility. Axelson, founded in 1892, is a leading designer, manufacturer and distributor of surface safety systems used mostly in gas production and downhole rod pumps and rods used in the production of oil. Axelson's products and services are distributed worldwide through a network of 59 company operated sales and service locations strategically placed throughout the major U.S. and Canadian oil and gas producing regions and internationally through direct sales and agents. Axelson's surface safety systems are used primarily in the control of gas well pressures and its pump products are used to lift oil through the wellbore from the reservoir to the surface. Wheatley TXT manufactures and sells worldwide an extensive line of pumps, valves, metering equipment and other products used primarily in the production and transportation of oil and natural gas. -0- 1/3/94 /CONTACT: Gary Rosenthal, chairman, Wheatley TXT Corp., 713-222-6446/ (WTXT)
CO: Wheatley TXT Corp.; Axelson, Inc. ST: Texas IN: SU: TNM
LG -- NY011 -- 8424 01/03/94 09:56 EST
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|Date:||Jan 3, 1994|
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