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Article: Ponder to Acquire Fishing Tools, Inc.
- Article from:
- PR Newswire
- Article date:
- November 3, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON, Nov. 3 /PRNewswire/ -- Ponder Industries, Inc. (Nasdaq: PNDR) today announced it has signed an agreement to purchase the outstanding stock of Fishing Tools, Inc. for $6.5 million in cash and $1 million in Ponder common stock. Fishing Tools, Inc. is a full service fishing and rental tool company, which has been in business since 1954. The company operates three locations in Louisiana and one in Texas producing revenues exceeding $6 million. The closing of this acquisition is anticipated to be completed by December 1997.
Eugene L. Butler, Ponder's Chairman and Chief Executive Officer said, "Fishing Tools, Inc.'s presence in Louisiana will strengthen ...