Stewart & Stevenson Closes Sale of Business Unit to Cooper Cameron
Stewart & Stevenson Services, Inc. has closed the previously announced agreement to sell a portion of its Petroleum Equipment segment's blowout preventer, valve, elastomer and drilling riser products ("the discontinued business") to Cooper Cameron Corporation for $14.75 million. As provided under the agreement, payment of the full purchase price was made at closing and received by the Company.
The Company will lease to Cooper Cameron Corporation a portion of its Telge Road manufacturing facility in order for Cooper Cameron Corporation to complete work in progress at the time of closing. The Company retained assets related to the completion of certain contracts as well as the receivables and certain liabilities of the discontinued business.