Global Power to Buy Williams Unit
Tulsa, Oklahoma, U.S.A.-based Global Power Equipment Group Inc., a maker of equipment for gas turbine power plants, announced that it has agreed to purchase Williams Industrial Services Group from Georgia-based Williams Group International for about US$65 million in cash. Williams Industrial provides routine and specialty maintenance services to firms engaged in power generation, pulp and paper manufacturing and to government agencies, primarily the Department of Energy.
According to Global Power, funding for the purchase is intended to come through a private placement of convertible senior subordinated notes, borrowings under the company's US$100 million credit facility or cash on hand. Williams Industrial has no outstanding debt.