QUINCY, Ill., Aug. 16 /PRNewswire-FirstCall/ -- Gardner Denver, Inc.
(NYSE: GDI) announced today the following organizational changes, which are
effective immediately:
1. Philip Roth, Vice President, Finance and CFO, has resigned from Gardner
Denver to pursue other interests.
2. Helen Cornell has been appointed to succeed Mr. Roth as Vice President,
Finance and CFO. Mrs. Cornell formerly served as the Vice President
and General Manager, Fluid Transfer Division and Operations Support.
In her new role, she will also continue to lead the Operations Support
function.
3. The Pump Division has been consolidated into the Fluid Transfer
Division. This combined division will operate in the future as the
Fluid Transfer Division and will continue to be reported as part of
the Company's Fluid Transfer Products segment.
4. Richard Steber has been appointed Vice President and General Manager
of the new Fluid Transfer Division. Mr. Steber previously served
as the Vice President and General Manager of the former Pump Division.
Ross Centanni, Chairman, President and Chief Executive Officer of Gardner
Denver said, "We are excited about the formation of our new Fluid Transfer
Division. All of the products of the former Fluid Transfer and Pump Divisions
are used in fluid conveyance, and thus, logically fit into the same division.
Combining all of these products under the new Fluid Transfer Division should
enhance the efficiency and profitability of the Company's operations. We also
wish Phil Roth the very best in his future personal and professional pursuits
and thank him for his past service and leadership to Gardner Denver. We want
to emphasize that his decision was not the result of any disagreements with
the Company or its auditors regarding financial matters or the application of
accounting principles and policies."
Gardner Denver, with 2003 revenues of $440 million ($578 million on a pro
forma basis including Syltone), is a leading manufacturer of reciprocating,
rotary and vane compressors and blowers for various industrial and
transportation applications, pumps used in the petroleum and industrial
markets and other fluid transfer equipment serving chemical, petroleum and
food industries. Gardner Denver's news releases are available by visiting the
Investor Relations page on the Company's website
( http://www.gardnerdenver.com ).
All of the statements in this release, other than historical facts, are
forward-looking statements made in reliance upon the safe harbor of the
Private Securities Litigation Reform Act of 1995, including without
limitations, the expected effect on earnings from the acquisition. As a
general matter, forward-looking statements are those focused upon anticipated
events or trends and expectations and beliefs relating to matters that are not
historical in nature. Such forward-looking statements are subject to
uncertainties and factors relating to the Company's operations and business
environment, all of which are difficult to predict and many of which are
beyond the control of the Company. These uncertainties and factors, including
the Company's ability to successfully combine the former Pump and Fluid
Transfer Divisions, could cause actual results to differ materially from those
matters expressed in or implied by such forward-looking statements. For a
complete list of such uncertainties and factors, please refer to the Company's
Report on Form 10-Q for the Quarter Ended June 30, 2004, as filed with the
Securities and Exchange Commission on August 9, 2004.
SOURCE Gardner Denver, Inc.
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Related links:
http://www.gardnerdenver.com
Company News On-Call:
http://www.prnewswire.com/comp/303875.html
CONTACT:
Helen W. Cornell, Vice President, Finance and
CFO of Gardner Denver, Inc., +1-217-228-8209
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