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Cooper Cameron to Acquire Valve Manufacturing Businesses

Cooper Cameron Corporation 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."

Cooper Cameron Corporation is a leading international manufacturer of oil and gas pressure control equipment, including valves, wellheads, controls, chokes, blowout preventers and assembled systems for oil and gas drilling, production and transmission used in onshore, offshore and subsea applications, and provides oil and gas separation, metering and flow measurement equipment. Cooper Cameron is also a leading manufacturer of centrifugal air compressors, integral and separable gas compressors and turbochargers.

About IndMac Ltd.
INDMAC LTD is a leading provider of engineering, automation, flow control technology products and services. The company activities span a number of industries, including Oil & Gas production, Refining & Chemicals, Food & Beverage, Shipping and Power generation.


Date: 24.09.2004
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