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Article: Cooper Cameron in Agreement to Sell Rotating Compressor Business To Rolls-Royce.
- Article from:
- PR Newswire
- Article date:
- August 20, 1999
CopyrightCOPYRIGHT 1999 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, Aug. 20 /PRNewswire/ -- Cooper Cameron Corporation (NYSE: CAM) has entered into an agreement to sell its rotating (centrifugal) compressor, power turbine and En-Tronic(R) controls business to Rolls-Royce plc for approximately $180 million. The closing of the transaction, which is subject to government approval and certain other conditions, is expected to be completed by the end of September 1999. During 1998, this business generated approximately $190 million in revenues as part of the Cooper Energy Services (CES) division of Cooper Cameron.
CES has partnered with Rolls-Royce for more than twenty years through an equally-owned marketing joint venture ...