Amadeusz Juskowiak

Pittston pco agrees to acquire wtc waf

Pittston Co said it has tentatively agreed to acquire WTC International NV in a taxfree exchange of stock

Pittston said it agreed to exchange 0523 common share for each of the about 8612000 WTC common shares outstanding

Pittston said WTCs three principal shareholders who own 62 pct of its stock are parties to this agreement They have granted Pittston the right of first refusal to their shares

WTC has granted Pittston an option to buy WTC shares equal to 185 poct of its outstanding stock The agreement is subject to approval of both boards and WTC shareholders

Pittston said described WTC as a fast growing air freight forwarding company with operations throughout the world Its revenues totaled nearly 200 mln dlrs in the year ended November 30 and for the quarter ended on that date it earned 13 mln dlrs on revenues of 558 mln dlrs

Pittston said its Burlington Air Express subsidiary generates about twothirds of its 450 mln dlrs in annual revenes with its domestic air freight services