ASBESTEC TO BUY CONTRACTOR, RECEIVES CONTRACT <Asbestec Industries Inc> said it signed a letter of intent to buy asbestos abatement contractor <P.W. Stephens> for three mln dlrs in cash, stock and notes. The transaction is expected to be completed early in the third quarter of its fiscal year ending September 30, 1987. Asbestec also said it expects to sign March six a 900,000 dlr contract to remove asbestos from a major apartment complex in Washington, D.C. The project is scheduled to begin on March nine.