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InAmerica To Acquire Specialty Process Equipment Manufacturer
Dallas, TX, - September 12, 1996 - InAmerica Corporation, a turnaround specialty firm, announced today that it has signed a letter of intent with Ferguson Industries, Inc., a Dallas-based privately-held corporation, to purchase Ferguson’s business and assets, a leading supplier of ammonia storage and handling systems used by power, industrial, chemical, energy and agricultural companies.
For over 40 years, Ferguson Industries has been recognized as a leader in the design, engineering and fabrication of aqueous and anhydrous ammonia handling and storage systems. These systems are in increasingly widespread use by utilities to reduce NOx emissions through the application of SCR (Selective Catalytic Reduction) and SNCR (Selective Non-Catalytic Reduction) technology. Its equipment and systems are also used in the operation of fertilization plants and in industrial and chemical processing.
Founded in the 1950's and based in Dallas, TX, Ferguson Industries has built process systems in over 40 countries worldwide. The business will be placed into a new subsidiary to be named Ferguson International, Inc. Revenues of Ferguson International in 1996 were under $5 million.
“In spite of the operating weaknesses that have plagued Ferguson over the last few years, the company remains a leader in ammonia technology worldwide,” said C. Gus Cristo, Chairman, President and CEO of InAmerica. “With a potential billion dollar market for DeNOx Systems over the next ten years, we believe Ferguson will become a valuable asset over the next twelve months.”
InAmerica is a diversified holding company that specializes in developing leading edge innovative technologies and the acquisition, reorganization and turnaround of distressed businesses that retain dramatic potential once a recovery is completed. The company typically seeks to divest itself of the revived businesses through spin-off or outright sale to a company with a strategic need and fit.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Actual results of the combined entity could differ materially from those projected as a result of the timing and cost of implementing a restructuring program associated with combining the two companies. Also, actual results could differ due to various factors including the size and timing of individual orders, the conversion of engineering design orders into equipment orders, the recovery of project change orders, and the progress of the Company's product development activities relating to new markets. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated events.
Press Contacts:
Matthew R. Gould,
President & COO
InAmerica Corporation
(972) 239-9282
Sam Ferguson, Jr.,
Mgr of Operations
Ferguson Industries, Inc.
(972) 239-9282
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