Here is the meat of the 8-K.
I am amazed that they halted trading all day for this. Where do you think it will open Monday?
Best to all,
JRH
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ATLANTA & HOUSTON--(BUSINESS WIRE)--Jan. 24, 2002--GE Power Systems (GEPS) and
Hanover Compressor (NYSE: HC - news), the leading provider of outsourced natural
gas compression services, today announced a joint marketing and business
development plan designed to further expand the presence of both companies in
the global oil and gas industry.
The plan covers sales and service of certain classes of oil and gas and power
generation equipment:
. Hanover will work in cooperation with GEPS to market and service GE's
expanding line of gas turbines under 20 megawatts, for selected
independent oil and gas customers worldwide.
. Hanover also will become a preferred supplier of skids for certain GE
aeroderivative gas turbine systems.
. Hanover will contract with various GE business units for the rebuilding
and refurbishment of non GE-technology gas turbines.
. Hanover also will contract with the GE Oil & Gas business to purchase GE
API 11P compression components to support Hanover's field compression
units, and will work with GE Oil & Gas to bring GE API 618-type
reciprocating compressor solutions to North American customers.
"This relationship combines Hanover's leadership position in packaged and
skidded, field-ready compression equipment with GE Power Systems' advanced and
wide-ranging power generation and oil and gas capabilities," said Michael J.
McGhan, president and chief executive officer of Hanover Compressor. "It
creates a powerful joint business thrust that benefits both companies. We are
gratified by GE Power Systems' decision to align itself with Hanover in serving
its global customer base."
Claudi Santiago, President and CEO of GEPS Oil and Gas, stated: "We are very
pleased to have such a complimentary relationship that we are convinced will add
real value to our customers as we continue to expand our Global reach." Rick
Stewart, President and CEO of GEPS' Aero Energy Products Division, added:
"Hanover should add a real punch to our independent oil and gas sales efforts
in the under-20 megawatts gas turbine product line. We are starting to see these
companies getting into bigger projects where turbine technology for power or
compression is needed, and Hanover has excellent service and coverage with those
customers."
Hanover engineers, designs and builds equipment that enables its customers to
increase the yield of natural gas from aging wells by using specially designed
compression units of gradually increasing size to capture product. "This
arrangement with GE Power Systems presents an exciting opportunity for our
Company," said McGhan. "Among other things, this relationship positions
Hanover Compressor as the preferred packager of independent expander-compressors
and expander-generators produced by GEPS' GE Oil & Gas division, which producers
the most recognized and respected products in the energy business: Rotoflow(R)
and Nuovo Pignone's API-618 reciprocating compressor units."
About GE Power Systems
GE Power Systems (www.gepower.com) is one of the world's leading suppliers of
power generation technology, energy services and management systems with
projected 2001 revenues exceeding $20 billion. The business has the largest
installed base of power generation equipment in the global energy industry. GE
Power Systems provides equipment, service and management solutions across the
power generation, oil and gas, distributed power and energy rental industries. |
