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Texas Businesses Announce Major Developments and Mergers

Strategic Insights

— 2 min read

A number of significant developments have emerged in Texas's business landscape, with key announcements across various sectors. AT&T has pledged to pass on the savings from a share of an almost $33 million cut in subsidies to local phone monopolies, resulting in 10 percent price cuts for its Texas customers. The cuts will affect the company's basic rates for in-state long-distance calls. Additionally, Pennzoil Co. and Quaker State Corp. have completed a major restructuring, creating a combined company, Pennzoil-Quaker State Co., which trades on the New York Stock Exchange with the symbol PZL. With annual revenues of $3.2 billion, the new entity is the world's biggest automotive consumer products company. Other Texas-based businesses, such as NL Industries, Inc., Amarillo Biosciences, Waste Management, Inc., and Magnum Hunter Resources, Inc., have also announced significant developments, including mergers and executive appointments.

Key Takeaways:

  • AT&T to pass on $33 million in savings to Texas customers in the form of 10 percent price cuts on basic rates for in-state long-distance calls.
  • Pennzoil Co. and Quaker State Corp. complete major restructuring, creating largest automotive consumer products company.
  • NL Industries, Inc. terminates agreements with Imperial Chemical Industries and E.I. du Pont to acquire North American TiO2 operations due to Federal Trade Commission's failure to clear transactions.
  • Kathleen L. Kelleher appointed chief operating officer and vice president of business development at Amarillo Biosciences.
  • Waste Management, Inc. completes merger with Eastern Environmental Services, Inc., providing $75 million in synergies and growth opportunities.
  • Bickerstaff, Heath, Smiley, Pollan, Kever & McDaniel law firm adds seven new attorneys and opens Dallas branch office, focusing on public and administrative law.
  • Magnum Hunter Resources, Inc. closes agreement with Energy 76 for purchase of natural gas reserves and associated assets in Oklahoma and Texas.
  • Leonard Roberts assumes control of Tandy Corp. as president and chief executive officer, promising focus on home installation services.

Statistics:

  • 10% price cuts on basic rates for in-state long-distance calls for AT&T Texas customers.
  • $33 million in savings passed on to AT&T Texas customers.
  • $3.2 billion in annual revenues for Pennzoil-Quaker State Co.
  • 16.2 million cubic feet of natural gas equivalent per day produced by Magnum Hunter Resources, Inc. in Oklahoma and Texas.
  • $75 million in synergies and growth opportunities provided by the Waste Management, Inc. and Eastern Environmental Services, Inc. merger.

Sources:

  • AT&T: AT&T says it is passing along to its Texas customers the savings from its share of an almost $33 million cut in subsidies to local phone monopolies.
  • Pennzoil Co. and Quaker State Corp.: Pennzoil Co. and Quaker State Corp. have completed a major restructuring that combines the marketing, manufacturing and fast oil change businesses of Pennzoil with all of Quaker State.
  • NL Industries, Inc.: NL Industries, Inc. says in Houston it has terminated previously announced agreements with Imperial Chemical Industries and E. I. du Pont to acquire the North American TiO2 operations of ICI's subsidiary, Tioxide Group Limited, and a UK-based TiO2 plant.
  • Amarillo Biosciences: Kathleen L. Kelleher has been appointed chief operating officer and vice president of business development of Amarillo Biosciencesc.
  • Waste Management, Inc.: Waste Management, Inc. of Houston has completed its merger with Eastern Environmental Services, Inc., a fully integrated solid waste company that provides services primarily in Pennsylvania, New Jersey, New York, Virginia and Florida.
  • Bickerstaff, Heath, Smiley, Pollan, Kever & McDaniel: The Austin law firm of Bickerstaff, Heath, Smiley, Pollan, Kever & McDaniel has announced the addition of seven new attorneys and the opening of a branch office in Dallas.
  • Magnum Hunter Resources, Inc.: Magnum Hunter Resources, Inc. of Irving has closed its previously announced agreement with Energy 76, a business unit of Union Oil Co. of California, for the purchase of natural gas reserves and associated assets in producing fields located in Oklahoma and Texas.
  • Tandy Corp.: Leonard Roberts has formally assumed control of Fort Worth's Tandy Corp. as president and chief executive officer.

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