2010-10-06-2010-10-06-2011-01-11

Bought service company that designs, manufactures, repairs and services products in the upstream drilling market.

Robbins & Myers Inc., Dayton, Ohio, (NYSE: RBN) has closed its purchase of T-3 Energy Services Inc., Houston, (Nasdaq: TTES) for approximately $422 million.

Robbins & Myers issued 0.894 common share and $7.95 in cash per T-3 share. This represents a 17% premium above T-3's closing stock price of $31.80 on Oct. 5.

T-3 designs, manufactures, repairs and services products used in the drilling and completion of new oil and gas wells, the workover of existing wells and the production and transportation of oil and gas.

T-3 stockholders now own approximately 27% of Robbins & Myers' outstanding shares. The combined company will be led by Robbins & Myers' existing management and board of directors and will remain headquartered in Dayton.

Robbins & Myers president and chief executive Peter Wallace, "We are pleased that the merger is complete and have been working diligently toward the successful integration of T-3 within our Fluid Management Group. T-3 will significantly expand our energy business and position our Fluid Management Group for future growth and global expansion."

Wallace adds the transaction creates attractive cost synergies and maintains Robbins & Myers' debt-free balance sheet.

T-3 chairman, president and CEO Steve Krablin says, "We are pleased to have reached an agreement with Robbins & Myers that is compelling for T-3 stockholders, both immediately and over the longer term. The combination of the two companies improves prospects for both businesses through a more comprehensive product offering, a larger sales and service footprint, and greater capabilities to grow in global energy markets."

UBS Securities LLC was financial advisor and Thompson Hine LLP was legal counsel for Robbins & Myers. Simmons & Company International was financial advisor and Vinson & Elkins LLP was legal counsel for T-3.