QUINCY, Ill., Aug. 21 /PRNewswire/ -- Ross J. Centanni, Chairman,
President and CEO of Gardner Denver, Inc. (NYSE: GDI) announced today that the
Company has established a new division and a new corporate officer position.
"As Gardner Denver continues to acquire new companies and to grow its existing
businesses, the needs of our organization are becoming increasingly dynamic,"
Centanni stated. "Therefore, we must continually assess whether our existing
business structure and practices are best enabling us to deliver quality
products and services and to achieve continuous improvement in operations
performance, integration of acquisitions and overall profitability."
Consistent with this objective, Gardner Denver announced that it has
created a new Pump Division and now operates through three separate divisions:
Compressor Division, Blower Division and Pump Division. "The Pump Division,
which was previously part of the Compressor Division, has recently realized
substantially increased revenues, driven by strong demand for drilling and
well stimulation pumps as a result of continued high oil and natural gas
prices," said Centanni. "This factor, coupled with potential future
acquisition opportunities to otherwise expand Gardner Denver's pump business
in petroleum and other markets, served as the impetus for us to establish the
new Pump Division at this time." During the interim period while the Company
recruits a Vice President and General Manager, Mr. Centanni will have direct
responsibility for the Pump Division, including facilities in Tulsa, Oklahoma,
Houston, Texas and Fort Worth, Texas.
In a related move, Gardner Denver also reported that Helen Cornell has
been appointed to the new corporate officer position of Vice President,
Strategic Planning and Operations Support, reporting to Mr. Centanni. In her
new role, Ms. Cornell will have responsibility for Strategic Planning and
Development, Operations Support and Improvement, Technology Development and
Investor Relations. She most recently served as the Vice President of
Compressor Operations and previously also held the position of Vice President,
Corporate Secretary and Treasurer for Gardner Denver. "Because of her diverse
background and skills, Helen was a natural fit for this new position, and we
expect her to make positive contributions in all of her new areas," noted
Centanni. Dennis Shull will continue in his existing capacity as Vice
President and General Manager, Compressor Division.
"We believe the new three division structure will permit the Company to
better focus on the unique characteristics of its separate product lines, and
thereby, to respond more quickly and effectively to our customers," Centanni
concluded. "In addition, the commitment of valuable additional management
resources to strategic planning and development and process improvement better
positions Gardner Denver for enhanced future growth and profitability."
Gardner Denver, with 2000 revenues of $379 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 facsimile
(800-758-5804, extension 303875) or by visiting the Company's website
( http://www.gardnerdenver.com ).
Safe Harbor
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. 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 Gardner Denver'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 could cause actual results to
differ materially from those matters expressed in or implied by such forward-
looking statements. A listing of such uncertainties and factors is set forth
in Gardner Denver's Quarterly Report on Form 10-Q that was filed on August 14,
2001 and is incorporated herein by this reference.
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, Strategic
Planning and Operations Support of Gardner Denver, Inc.,
+1-217-228-8209
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