MILWAUKEE, April 26 /PRNewswire-FirstCall/ -- Brady Corporation (NYSE:
BRC), a world leader in identification solutions and specialty materials,
announced today that it has signed a definitive agreement to acquire Daewon
Industry Corporation, Seoul, South Korea. Daewon is Korea's leading
manufacturer and supplier of pressure sensitive, die-cut adhesive
components for the mobile handset and electronics industry. Terms of the
transaction were not disclosed. The acquisition is subject to customary
regulatory approvals.
Founded in 1997, Daewon had fiscal 2005 sales of approximately $40
million (U.S.) and employs 250 people in South Korea and China. Daewon's
products include precision-cut adhesives, films and protective tapes for
lenses and liquid-crystal displays; EMI shielding; acoustic components
including speaker cloths, meshes, adhesives, cushions and gaskets; and
printed circuit-board insulators.
"In the past five years, Korean mobile handset manufacturers such as
Samsung and LG have rapidly increased their combined market share to now
equal 25 percent of the world's mobile phone production. Daewon Industries
will play an integral role in Brady's overall die-cut business strategy by
providing an immediate access point to these strategic customers while also
opening up other opportunities in South Korea," said Allan Klotsche, Brady
vice president, Asia Pacific. "Having an established management team,
production facilities and research and development team in place will allow
us to quickly roll out new solutions to the Korean market. We are also
looking forward to bringing our portfolio of products and solutions to
Daewon's customers and the broader electronics market in Korea."
"By joining forces with Brady Corporation, we will be able to continue
to provide local design and engineering support in Korea, while taking
advantage of Brady's capabilities and footprint in China, which is part of
the growth strategy for many of our larger Korean customers," said Jong Man
Park, Daewon Industries, president.
Brady's Asia Pacific business currently has manufacturing locations in
China (Beijing, Wuxi, Shenzhen); Thailand (Ayuthea and Lam Chabang);
Penang, Malaysia; Singapore; and Australia (Sydney, Perth). Its products
include custom die-cut and precision specialty materials, high-performance
labels and bar-code solutions, industrial labeling systems and safety and
facility identification.
Brady Corporation is an international manufacturer and marketer of
complete solutions that identify and protect premises, products and people.
Its products include high-performance labels and signs, safety devices,
printing systems and software, and precision die-cut materials. Founded in
1914, the company has more than 300,000 customers in electronics,
telecommunications, manufacturing, electrical, construction, education,
medical and a variety of other industries. Brady is headquartered in
Milwaukee and employs about 5,500 people in operations in the United
States, Europe, Asia/Pacific, Latin America and Canada. Brady's fiscal 2005
sales were approximately $816 million. More information is available on the
Internet at http://www.bradycorp.com .
This news release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 - that is,
statements related to future, not past events. In this context
forward-looking statements often address our expected future business and
financial performance, and often contain certain words such as "expect,
anticipate, intend, plan, believe, seek, will, or may." Forward-looking
statements by their nature address matters that are, to different degrees
uncertain. For us, uncertainties arise from future financial performance of
major markets we serve which include, without limitation,
telecommunications, manufacturing, electrical, construction, laboratory,
education, governmental, public utility, computer, transportation; future
integration of and performance of acquired businesses; fluctuations in
currency rates versus the US dollar; technology changes; interruptions to
sources of supply; business interruptions due to implementing business
systems; and numerous other matters of national, regional and global scale,
including those of a political, economic, business, competitive and
regulatory nature and those identified in reports we file with the SEC.
These uncertainties may cause our actual future results to be materially
different than those expressed in our forward-looking statements. We do not
undertake to update our forward-looking statements.
SOURCE Brady Corporation
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Related links:
http://www.bradycorp.com/
http://www.prnewswire.com/comp/952350.html/
CONTACT:
Barbara Bolens, +1-414-438-6940 -- investors,
or Carole Herbstreit, +1-414-438-6882 -- media, both of Brady
Corporation
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