IDS and Petrocon Engineering Announce Merger
Industrial Data Systems Corporation has signed a definitive merger agreement with Petrocon Engineering, Inc., a privately-held, full service, international engineering and control systems firm with 2000 revenues of approximately $68 million. The two companies previously announced, on April 3, 2001, the signing of a Letter of Intent relating to their proposed merger. It is expected that this transaction will close during the fourth quarter of 2001, subject to regulatory approvals, shareholder approvals and satisfaction of other closing requirements as stipulated in the merger agreement.
William A. Coskey, Chairman and CEO of IDS, commented, "The mission will now be to realize the many strategic benefits made possible by combining our two companies. I look forward to working with associates from both IDS and PEI to create a unified company in which we can all take pride. On a pro forma basis with Petrocon, our 2002 revenues may approach the $100 million level. As a public company, we should now have a focused, growth story to share with customers, stockholders and the investment community."
Also commenting on the merger, Mike Burrow, Chairman, President and CEO of Petrocon stated, "PEI and IDS have already started working together on prospective projects with clients who need our combined capabilities. I am enthused about the prospects for growing together with IDS to attract more customers who see the strategic advantages of dealing with a firm which covers a larger segment of the energy business."