Ebara Corporation Acquires 100% Ownership of Elliott Turbomachinery Co., Inc. Jeannette, Pennsylvania
March 6, 2000
Elliott Turbomachinery Co., Inc. announces today another ownership change with the recent purchase by the Ebara Corporation of 100% of the shares of Elliott.
Elliott has undergone a previous ownership change in June of 1998 when the then current management of the company sold their interest to Ebara and MAN Gutehoffnungshutte AG (“MAN”). Both MAN and Ebara were previously minority holders of Elliott stock and licensees of Elliott technology. The June transition gave Ebara and MAN both equal 50% ownership of Elliott. At that time, Elliott, Ebara and MAN planned to merge their turbomachinery business. After several months of discussions, the decision was made that Ebara buy out MAN’s interest.
Elliott and Ebara have had a long and profitable relationship dating back 32 years. Ebara had licensed and promoted the Elliott products in Asia exclusively with no competitive product of its own. “There are great synergies that have already developed over the years between Elliott and Ebara,” stated Mr. David Assard, the President and Chief Executive Officer of Elliott. “We are very pleased that Ebara has shown its confidence in Elliott, to purchase the complete ownership interest in Elliott.” The agreement between Ebara and MAN to transfer complete ownership of Elliott to Ebara was signed in Tokyo. A transitional period is planned, with the ultimate closing on April 20, 2000.
Mr. Assard commented that, “Ebara has always had a commitment to a strong Elliott, based on their dependence on the Elliott product line through years of licensing. Of all the possible scenarios, we are very pleased with this outcome and look forward to the future of the Elliott-Ebara relationship.”
Ebara is a public corporation in Tokyo, Japan and produces turbomachinery, environmental engineering and precision machinery. Elliott, headquartered in Jeannette, Pennsylvania, designs and builds steam turbines, air and gas compressors for petrochemical, oil refining, oil and gas, power generation, and industrial operations.