Trinity Industries, Inc. Announces the Acquisition of Platinum Energy Services
DALLAS--(BUSINESS WIRE)--Trinity Industries, Inc. (NYSE:TRN) today announced that it has acquired the assets of Platinum Energy Services Corporation (“Platinum”) through a newly formed subsidiary. Platinum, based in Alberta, Canada, manufactures and resells oil and gas process and storage equipment, including various types of containers, separators, and treaters used at the well-site and in midstream locations. The company operates out of two leased facilities in Calgary and one owned facility in Redcliff, Alberta. Initial annual revenues are expected to be in the range of approximately $40 million to $45 million.
“We are continuing to identify acquisition candidates that align nicely with the companies within our portfolio and which provide products to the oil, gas and chemical industries”
“We are continuing to identify acquisition candidates that align nicely with the companies within our portfolio and which provide products to the oil, gas and chemical industries,” said Timothy R. Wallace, Trinity’s Chairman, CEO, and President. “Platinum has a comprehensive product offering, experienced personnel, and they are located right in the heart of the Canadian energy industry,” added Mr. Wallace.
“Platinum has been in operation for over 20 years providing equipment to the oil and gas industry across the Western Canadian Sedimentary Basin as well as the greater North American energy industry,” said William A. McWhirter II, Trinity Industries, Inc. Senior Vice President and Construction, Energy, and Inland Barge Group President. “Platinum provides an ideal way for us to explore opportunities to manufacture well-site and midstream products. This market offers plenty of opportunities for additional expansion,” added Mr. McWhirter.
The assets and results of operations for the Platinum acquisition will be reflected in the Energy Equipment Group for financial reporting purposes.
Trinity Industries, Inc., headquartered in Dallas, Texas, is a diversified industrial company that owns market-leading businesses which provide products and services to the energy, transportation, chemical and construction sectors. Trinity reports its financial results in five principal business segments: the Rail Group, the Railcar Leasing and Management Services Group, the Inland Barge Group, the Construction Products Group, and the Energy Equipment Group. For more information, visit: www.trin.net.
Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements. Trinity uses the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” and similar expressions to identify these forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Forward-Looking Statements” in the Company's Annual Report on Form 10-K for the most recent fiscal year.