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Heurtey Announces Completion of Petro-Chem Acquisition
PARIS-(Business Wire)-March 14, 2008 - Heurtey Petrochem S. A. (Heurtey Petrochem) announced today that it has completed the acquisition of New York based Petro-Chem Development Co., Inc. (Petro-Chem Development). The transaction was completed following a successful special meeting of the shareholders of Heurtey Petrochem. This combination of over 100 corporate years of engineering expertise has created the world's largest provider of direct fired heaters to the refinery and petrochemical industries. Heurtey Petrochem is a publicly traded company that is listed on the Alternext d' Euronext Paris Exchange, an affiliate of the NYSE under the stock symbol ALHPC.
Heurtey Petrochem is now the industry's undisputed market and technology leader for process furnaces designed for the petrochemical and refinery markets in Europe, Eastern Europe, the Middle East, North America, South America and Asia. Heurtey Petrochem maintains 12 offices worldwide (3 in the United States, 4 in Europe, 1 in Africa, 2 in India, 1 in Singapore and 1 in Korea) and approximately 500 employees.
Michel Pingeot, the Chairman and CEO of Heurtey Petrochem is now also the Chairman of Petro-Chem Development. Stephen T. Limpe will continue to lead Petro-Chem Development as its President and Chief Executive Officer and Anthony T. Limpe remains on the Board of Petro-Chem Development as its Vice Chairman.
Michel Pingeot, Chairman and CEO of Heurtey Petrochem and Chairman of Petro-Chem commented, "I am very pleased to welcome the executives and staff of Petro-Chem Development to the Heurtey family as our partners. With the successful closing of this transaction, the breadth of technical solutions which we offer to our clients is unparalleled. We look forward to the integration of our businesses and a successful future for our company."
Stephen T. Limpe, President and CEO of Petro-Chem Development stated, "All of the shareholders and employees are very pleased with the completion of this transaction. Our clients will now benefit from the capabilities and resources of our combined company. I look forward to working together with Michel Pingeot, Heurtey Petrochem's Chairman and CEO, and I am certain that his leadership and strategic vision will enable us to dramatically expand our industry leading markets and opportunities."
About Petro Chem:
Petro-Chem Development Co., Inc. is one of the world's leading providers of process furnaces and direct fired heaters to oil refineries and petrochemical plants throughout the world. Founded in 1939, Petro-Chem and its affiliates and licensees have designed and produced over 10,000 process furnaces for over 500 clients around the world. Petro-Chem is headquartered in New York, NY USA with offices in Tulsa, OK; Houston, TX; Seoul, Korea, Pune, India and joint venture companies in the Middle East with Heurtey Petrochem SA and in China with an affiliate of Sinopec. Visit www.petro-chemusa.com.
About Heurtey:
Founded in 1953, Heurtey Petrochem designs, studies, manufactures, and installs complex sets of process furnaces for the transformation of hydrocarbons into derived products with an expertise which goes from the feasibility studies through the execution of turn-key projects. Since its creation, Heurtey Petrochem has designed or produced more than 2,500 cracking, refining and reforming furnaces establishing it as a global leader in its industry. Headquartered in Paris, Heurtey Petrochem maintains subsidiary company offices in London, Bucharest, Hamburg, Johannesburg, Mumbai, and Singapore. Heurtey Petrochem's client base includes the largest global oil companies. In 2006 Heurtey Petrochem realized a sales turnover of 81.3 mm Euros. Heurtey Petrochem securities are traded on the Alternext d' Euronext Paris Exchange (ALHPC). Visit www.heurtey.com.
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