Cooper Cameron to Acquire Valve Manufacturing Businesses

Cooper Cameron has agreed to purchase certain businesses of the PCC Flow Technologies segment of Precision Castparts Corp. for approximately $80 million in cash, subject to final adjustments and to regulatory clearance and other matters. The transaction is expected to close during the fourth quarter of 2004.

The operations being acquired serve customers in the surface oil and gas production, pipeline and process markets, and include the General Valve business, located in Brookshire, Texas; the PCC Ball Valves business, located in Milan, Italy; the TBV specialty valve business, located in Millbury, Massachusetts; AOP Industries, located in Moore, Oklahoma; and Sterom manufacturing in Romania. The businesses being acquired reported revenues of approximately $122 million for the fiscal year ended March 2004.

Cooper Cameron Chairman, President and Chief Executive Officer Sheldon R. Erikson said, "The majority of the operations being acquired will be combined with our Cooper Cameron Valves and Cameron businesses, adding critical mass to the CCV division and expanding its product offerings and services. The acquisition is expected to be modestly additive to our earnings during 2005, and we expect further improvement in 2006 as we take full advantage of certain cost synergies."