AZURIX CORP. SIGNS AGREEMENT TO ACQUIRE LURGI BAMAG GmbH; ANNOUNCES PLANS TO SERVE GLOBAL INDUSTRIAL WATER MARKET
FOR IMMEDIATE RELEASE: Monday, September 27, 1999
HOUSTON - Azurix Corp. announced today that it has entered into an agreement to acquire Lurgi Bamag GmbH, a process engineering company specializing in the water sector. Azurix will pay US$30 million for Lurgi Bamag GmbH and its subsidiaries, which have offices in Germany, Brazil and the United Kingdom. The acquisition will serve as the platform through which Azurix will participate in the global industrial water market.
"Lurgi Bamag serves a strong base of blue chip industrial customers in refining, pulp & paper, petrochemicals and iron & steel who require cost-efficient, high quality water and wastewater treatment," said Rebecca P. Mark, chairman and CEO of Azurix. "We look forward to not only retaining but integrating members of the strong Lurgi Bamag management team into Azurix and expanding their expertise into the industrial markets we are pursuing around the world, particularly in the growing markets across the Americas and Europe."
The acquisition is subject to approval from the supervisory board of Lurgi AG’s parent company, Metallgesellschaft.
Azurix is a global water company that owns, operates and manages water and wastewater assets, provides water and wastewater related services, and develops and manages water resources. Azurix maintains headquarters in Houston and London. Azurix’s Internet address is www.azurix.com, and the stock is traded under ticker symbol, "AZX."
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For additional information please contact:
Diane Bazelides
713 345 5209
Jackie Gentle
44 191 2140222
44 385 291471
Analyst contact
Elizabeth Ivers
713 646 9531
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