NATCO Group Inc. Acquires Connor Sales, Inc.
September 8, 2008
Officer of NATCO, John U. Clarke, said, "Connor and its founders have been good customers of NATCO for many years. The acquisition provides NATCO with an opportunity to expand our presence in the growing Bakken oil shale play. Connor complements our current sales and services operations in Williston, N. D. and will give us the added capabilities to manufacture, package and service equipment locally."
HOUSTON, Sept 08, 2008 /PRNewswire-FirstCall via COMTEX/ -- NATCO Group Inc. (NTG: 38.06, -2.12, -5.3%) announced today that, effective August 31, 2008, its subsidiary acquired Connor Sales Company, Inc., a provider of oil field equipment and services to customers in the Williston Basin and Bakken Oil Shale of North Dakota, for approximately $37 million in cash consideration, subject to certain adjustments.Chairman and Chief Executive Officer of NATCO, John U. Clarke, said, "Connor and its founders have been good customers of NATCO for many years. The acquisition provides NATCO with an opportunity to expand our presence in the growing Bakken oil shale play. Connor complements our current sales and services operations in Williston, N. D. and will give us the added capabilities to manufacture, package and service equipment locally."NATCO Group Inc. is a leading provider of wellhead process equipment, systems and services used in the production of oil and gas. NATCO has designed, manufactured and marketed production equipment and services for over 80 years. NATCO production equipment is used onshore and offshore in most major oil and gas producing regions of the world.Connor was founded in 1964 and manufactures tanks and other oil field parts, packages equipment, including tanks, treaters and separators and provides aftermarket parts sales and services.Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. Forward looking statements in this press release include, but are not limited to, remarks regarding future business opportunity and capacity. These statements may differ materially from actual future events or results. Readers are referred to documents filed by NATCO Group Inc. with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which identify significant risk factors that could cause actual results to differ from those contained in the forward-looking statements.
