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Halliburton Subsidiary Acquires Remaining 50 Percent Shares of Niigata Masoneilan
Dallas, Texas and Tokyo, Japan - A wholly-owned subsidiary of Halliburton Company (NYSE: HAL), Dresser Industries, Inc., (Dresser), today completed the purchase of the remaining 50 percent shares of Niigata Masoneilan Company, Ltd. (NIMCO) from Niigata Engineering Company, Ltd. (NEC). NIMCO has been a joint venture company of Dresser and NEC since 1974. NIMCO will be managed by the Dresser Valve Division of the Dresser Equipment Group, a business segment of Halliburton.
The sale of NEC's 50 per cent interest in NIMCO was completed today at a cash sale price of 1,624,500,000 yen (US$15.2 million). In addition, NEC is receiving a small parcel of land from NIMCO.
Headquartered in Chiba, Japan, NIMCO manufactures and sells Masoneilan® automatic control equipment, including control valves, regulators, levels, and instrumentation. Major industries served include oil and gas, refining, petrochemical, chemical, and power. NIMCO products and services are currently used all over the world.
NIMCO has sales offices all over Japan with the main office in Chiba, a suburb of Tokyo. The manufacturing plant is located northwest of Tokyo in Kariwa. The company has research and development, and engineering capabilities at that location.
President of Niigata Engineering, Yoshihiro Muramatsu, said: "Despite an aggravating business environment, NIMCO continues to achieve good results. We have been very pleased with our long association with Dresser in NIMCO. However, we have decided to exit the valve business as it does not provide the synergy we are seeking in relation to our core businesses."
"While NIMCO primarily has served the Japanese market," said Patrick Murray, president of Dresser Equipment Group, "its products are shipped all over the world due to collaboration with various Japanese engineering and construction companies that have won global contracts."
"As a wholly-owned subsidiary, NIMCO will become an excellent addition and provide valuable synergies to the global operations of our Dresser Valve Division," Murray concluded.
Located in Tokyo, Japan, Niigata Engineering Company, Ltd., was founded in 1895. The company employs 2,459 people and as of March 31, 1999 had paid-in capital of 16.78 billion yen (approximately $159 million).
Dresser Equipment Group -- headquartered in Carrollton, Texas-is a global leader in equipment and services for all phases of the energy industry. Products include valves, instruments, engines, fuel dispensers, and gas meters.
Founded in 1919, Halliburton company is the world's leading diversified energy services, engineering, energy equipment, construction and maintenance company. In 1999, Halliburton's consolidated revenues were $14.9 billion, and it conducted business with a workforce of approximately 100,000 in more than 120 countries.
Contact
Zelma Branch
zelma.branch@halliburton.com
Halliburton Company
Public Relations
(p) 713.676.7067
Mr. H. Sakamoto
Niigata Engineering
(p) 81.3.5710.7722
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