Harmon Industries, Inc.
NASDAQ: HRMN
For Immediate Release
Charles M. Foudree
(816) 229-3345
[email protected]
Harmon Industries Acquires Vale-Harmon Enterprises
BLUE SPRINGS, Mo. (Thursday, June 12, 1997) -- Harmon Industries Inc., a leading supplier of signal and train control equipment for railroad and rail transit systems throughout North America and the world, announced that it has acquired its Canadian affiliate, Vale-Harmon Enterprises, Ltd. through the purchase of 62 percent of Vale-Harmon's common stock. Harmon Industries now holds 100 percent of Vale-Harmon.
Headquartered in Saint-Laurent, Quebec, Vale-Harmon is a sales and service supplier of Harmon Industries and other manufacturers' products to the rail industry and a provider of light manufacturing and voice systems for the transit industry. Vale-Harmon has been associated with Harmon Industries for 14 years as the organization's sales and service arm in Canada.
Harmon Industries acquired Vale-Harmon to offer a broader range of services to the Canadian rail market and to enable the sales and engineering departments of Harmon Industries to interface directly with the company's customers. Vale-Harmon will continue to operate from its existing facilities.
"This acquisition recognizes the close relationship among North American railroads," said Björn E. Olsson, president and chief executive officer, "It strengthens Harmon's ability to serve the entire North American rail market."
Harmon Industries, Inc. is a leading supplier of signal and train control products to freight and rail transit systems throughout North America and the world. The company is traded in the over-the-counter market and is quoted on the NASDAQ National Market System under the symbol HRMN . For further information, please contact Charles M. Foudree, executive vice president-finance and chief financial officer, Harmon Industries Inc., 1300 Jefferson Court, Blue Springs, MO 64015. The telephone number is (816) 229-3345
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