QUINCY, Ill., April 5 /PRNewswire/ -- Gardner Denver, Inc. (NYSE: GDI)
reported the acquisition of Butterworth Jetting Systems, Inc. in a cash for
stock transaction. Butterworth, located in Houston, Texas, is a manufacturer
of water jet pumps and systems used for a variety of industrial applications.
For the year ended March 31, 1999, Butterworth's revenues were approximately
$12 million.
Ross Centanni, Chairman, President and Chief Executive Officer of Gardner
Denver said, "Butterworth competes in the rapidly growing water jet market,
serving the industrial cleaning and maintenance market. Applications in this
market include runway and ship-hull cleaning, concrete demolition and metal
surface preparation. The high rate of growth in this industry is driven by
several factors, including environmental advantages of water blasting compared
to sandblasting, ease of clean up and effectiveness of water jets."
"This acquisition enables Gardner Denver to expand our position in a
rapidly growing segment of the industrial market, thereby reducing the
Company's dependence on the petroleum business," Mr. Centanni stated.
Gardner Denver, with 1998 revenues of $385 million, is a leading
manufacturer of reciprocating, rotary and vane compressors and blowers for
various industrial applications and pumps used in the petroleum and industrial
markets. Gardner Denver's news releases are available by fax by calling
800-758-5804, extension 303875, or by visiting the Company's home page on the
Internet (http://www.gardnerdenver.com).
SOURCE Gardner Denver
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Related links:
http://www.gardnerdenver.com
Company News On-Call:
http://www.prnewswire.com/comp/303875.html or fax,
800-758-5804, ext. 303875
CONTACT:
Helen W. Cornell, Vice President, Corporate
Secretary and Treasurer of Gardner Denver, 217-228-8209
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