Texas Utilities Now TXU
Dallas-based Texas Utilities Co. is changing its name to TXU,
which is also the company's stock symbol. The action brings
together divisions and subsidiaries, domestic and international,
under one name. TU Electric/Lone Star Gas, the company's largest
domestic operation, will be renamed TXU Electric & Gas.
"We are no longer a traditional utility company with all our
business focused entirely on Texas," said Erle Nye, CEO. "TXU has
repositioned itself as a multinational, integrated energy company
that is diverse geographically, operationally and financially. But
now we need an identity that reflects our new position and
TXU has grown from a regional Texas electric company into one of
the top ten energy services companies in the world, with revenues
of more than $16 billion and assets of $40 billion.
Lone Star Gas was acquired in 1997. Last year, TXU stretched to
the United Kingdom and Europe with the purchase of The Energy
Group, which included Eastern Group. In 1999, natural gas was added
to the company's Australian holdings.
©Copyright 1999 Intelligence Press Inc. All rights reserved. The
preceding news report may not be republished or redistributed, in
whole or in part, in any form, without prior written consent of
Intelligence Press, Inc.