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Petreco, Inc. |
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Cooper Cameron Corporation Acquires Petreco International
Houston - March 1, 2004 - Cooper Cameron Corporation has closed on the
previously announced acquisition of Petreco International, a
Houston-based supplier of oil and gas separation products, for
approximately $90 million, net of cash acquired and debt assumed.
Petreco provides highly engineered, custom processing products to the
oil and gas industry worldwide. Petreco's 2003 revenues were
approximately $117 million and they generated approximately $12.0
million of income before taxes.
Cooper Cameron Chairman, President and Chief Executive Officer Sheldon
R. Erikson said, "Petreco's product offerings and services complement
our existing businesses, and we expect them to be immediately additive
to our financial results." Erikson said he expects Petreco will add
approximately $0.11 to $0.13 to Cooper Cameron's earnings per share over
the remainder of 2004.
Erikson said the transaction was financed with cash on hand, and had
little impact on Cooper Cameron's overall financial condition.
Cooper Cameron Corporation (NYSE: CAM) is a leading international
manufacturer of oil and gas pressure control equipment, including
valves, wellheads, controls, chokes, blowout preventers and assembled
systems for oil and gas drilling, production and transmission used in
onshore, offshore and subsea applications. Cooper Cameron is also a
leading manufacturer of centrifugal air compressors, integral and
separable gas compressors and turbochargers.
Relevant Web Site:
Petreco
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