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ENRON CAPITAL & TRADE RESOURCES ACQUIRES MINORITY STAKE IN STATORDYNE
FOR IMMEDIATE RELEASE: December 19, 1996
HOUSTON -- Enron Capital & Trade Resources (ECT), a subsidiary of Enron, and Statordyne, L.L.C. announced today that ECT has acquired a minority stake in Statordyne.
Statordyne is a leading designer and manufacturer of continuous, “no-break” power back-up and conditioning systems. Statordyne's patented systems enable power-sensitive industrial and commercial customers to eliminate the costs and disruptions caused by poor power quality or power interruptions.
As part of the transaction, ECT gains a comprehensive right to use and distribute Statordyne's products to energy industry customers in North America.
“We are delighted to hold a stake in such a dynamic company as Statordyne and to become a distributor of Statordyne’s products,” said Jeffrey K. Skilling, chairman and CEO of ECT. “As ECT enters into a competitive retail energy market, we must be able to deliver consistently pure power to our customers. With the addition of Statordyne to our portfolio of energy products, ECT is better able to develop tailored solutions for the most demanding energy customers.”
"We are seeing a proliferation of power-sensitive equipment and systems in manufacturing and commercial companies,” said Lawrence Gilson, president of GFI Energy Ventures L.L.C. and chairman of Statordyne. “Companies need to be able to protect themselves from the negative effects of voltage sags, surges, lightning storms, system overloads, brownouts and blackouts. The alliance between ECT and Statordyne provides power sensitive customers with a reliable, cost-effective solution to the need for high-quality, reliable power.”
Statordyne is an affiliate of GFI Energy Ventures, L.L.C. (GFI), an investment company formed in 1995 to capitalize on opportunities in the increasingly competitive energy industry.
Enron, one of the world’s largest integrated natural gas and electricity companies with approximately $15 billion in assets, operates one of the largest natural gas transmission systems in the world; is the largest purchaser and marketer of natural gas and the largest non-regulated marketer of electricity in North America; markets natural gas liquids worldwide; manages the largest portfolio of fixed-price natural gas risk management contracts in the world; is among the leading entities arranging new capital to the energy industry; owns a majority interest in Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns a majority interest in Enron Global Power & Pipelines L.L.C., which is owner and manager of operating power plants and natural gas pipelines around the world; and is one of the largest independent developers and producers of electricity in the world. Enron is traded under the ticker symbol, "ENE."
For additional information please contact:
Terrie James - ECT
(713) 853-7727
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