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Service Corporation International Announces Purchase of Additional Shares in Arbor Memorial Services Inc.
HOUSTON, Aug. 11 /PRNewswire/ -- Service Corporation International (NYSE: SRV) (SCI), the world's largest funeral and cemetery company, announced today that its subsidiary, Service Corporation International (Canada) Limited, has entered into an agreement to acquire 713,825 Class A Voting Shares and 2,213,152 Class B Non-Voting Shares in Arbor Memorial Services Inc. ("Arbor"), of Toronto, Canada from The Loewen Group Inc. Completion of the transaction is subject to certain regulatory matters.
After the completion of this transaction SCI will own 960,969 Class A Voting Shares and 5,270,227 Class B Non-Voting Shares of Arbor. These shares represent approximately 38 percent of the Class A Voting Shares, 66 percent of the Class B Non-Voting Shares and 59% of the total shares of Arbor currently outstanding.
The acquisition of the additional Arbor Class A Voting Shares and Class B Non-Voting Shares is a strategic investment in a major participant in the Canadian funeral service industry. "This investment strengthens our positive relationship with Arbor and SCI may continue to increase its investment in Arbor," said SCI's Chairman and Chief Executive Officer Robert L. Waltrip. "Arbor is a quality business and a highly regarded funeral service organization in Canada and we continue to explore means of building relationships with Arbor," added Waltrip. As of June 30, 1997, Arbor operated 83 funeral homes, 44 cemeteries and 25 crematoria in Canada.
As of June 30, 1997, SCI affiliates operated 3,012 funeral service locations, 365 cemeteries and 156 crematoria. SCI provides funeral and cemetery services in North America, Europe and the Pacific Rim. SCI's stock is traded on the New York Stock Exchange. The company's ticker symbol is SRV.
SCI's homepage: http://www.sci-corp.com