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                                                                    EXHIBIT 99.1


                    EVI ANNOUNCES THREE ACQUISITIONS IN ITS
                       PRODUCTION SEGMENT FOR $40 MILLION


January 22, 1998, Houston, Texas -- EVI, Inc. (NYSE-EVI) today announced the
completion of three acquisitions that are now part of EVI Oil Tools, its
production segment.  The Company acquired Houston Well Screen, a leading
provider of completion screens based in Houston; the production division of
Schoeller-Bleckmann Drilling Systems, an Austrian based manufacturer of
artificial lift equipment; and San Eloy, an Argentina based manufacturer of
completion tool and sucker rod pumps.  Total consideration for all three
acquisitions was approximately $40 million in cash.

Houston Well Screen will join the Company's Arrow and McAllister lines of
completion tools and inflatable packers.  The acquisition of Houston Well
Screen is a significant step towards an integrated line of completion systems.

The acquisition of Schoeller-Bleckmann Production and San Eloy provide the
Company with geographic expansion in key markets.  Schoeller-Bleckmann has a
strong presence in the FSU, one of the largest markets of production equipment
in the world.  San Eloy expands the Company's presence in South American
markets.  The acquisitions of Schoeller-Bleckmann and San Eloy also allow
significant manufacturing and market consolidations in their regions of
operations.

EVI is a manufacturer of engineered oilfield products.  The Company
manufactures drilling tools, premium tubulars, subsea structures and production
tools.

Contact:
James G. Kiley
Vice President and
Chief Financial Officer
(713) 297-8440