John Wolz

Landreth Buys Back Landreth; Industrial Holdings Becomes T-3 Energy
Landreth Fastener Corporation completed the purchase of the assets of Landreth Metal Forming Inc. from Industrial Holdings Inc.
The Landreth sales is the fourth and final portion of the divestitures planned by Industrial Holdings prior to its merger with T-3 Energy Services Inc.
T-3 now trades on the Nasdaq as TTES.
Michael Stansberry has been named president and CEO and Michael Mino CFO.
Houston-based Landreth manufactures solid, semitubular & shoulder rivets, externally threaded fasteners and other cold-headed special parts.
LFC is a newly formed corporation owned by Thomas Landreth, the founder and president of Landreth. He sold the original company to IHI.
�By combining the two companies we have created a diversified manufacturing and service business focused primarily on the Gulf Coast energy markets,� Stansberry said of the IHI and T-3 merger. �We believe our core group of operations will serve as a solid base upon which we plan to grow through acquisition and product line extensions.�
Mino said the merger and $72.1 million equity infusion by T-3�s largest shareholder, First Reserve Fund VIII L.P., make the company �adequately capitalized. Total debt balances on the company�s opening balance sheet will be less than $40 million. Our conservative capitalization should prove invaluable in today�s uncertain energy markets.�
T-3 now provides products and services for Gulf of Mexico and onshore oil and gas companies, refinery plants, shipyards and offshore fabrication companies.
Industrial Holdings earlier sold three parts of its Engineered Products Group: American Rivet Company was sold to Jebco Screw & Rivet Mfg. Company, and Ideal Products and Orbitform were sold to an investor group operating as Orbitform LLC. Industrial Holdings also sold its Beaird segment and its subsidiary, GHX Inc.
Richard Hagan of New York-based Pinnacle Capital Corporation served as financial advisor to IHI in the transactions.
For the nine months ended September 30, 2001, T-3 Energy Services� net income was $2.2 million on $62.1 million in revenue.

SPS Sells Ceramic Core Business to Precision Castparts
SPS Technologies Inc. announced it has agreed to sell its outstanding Lake Erie Design Co. Inc. shares to Precision Castparts Corp. Closing is scheduled for December 31, 2001.
Wickliffe, OH-based LED manufactures high-precision ceramic cores for the investment casting industry.
Portland, OR-based Precision Castparts is the parent company of the fastener-related companies Reed-Rico, Astro Punch, Fastener Engineers Group Inc. and Lewis Machine.
Jenkintown, PA-based SPS manufactures high-strength fastening and assembly systems, superalloys and magnetic materials.

Danaher Subsidiary Buys Instrumentation Manufacturer
Measurement and calibration instrumentation manufacturer Transmation Inc. completed the sale of Transmation Products Group to a wholly owned subsidiary of Fluke Corporation, a subsidiary of Danaher Corporation.
Transmation received $10.5 million in cash at closing. Substantially all of the proceeds will go to pay down the Company�s indebtedness to Key Bank N.A. \�2002 FastenerNews.com