QUINCY, Ill., Sept. 4 /PRNewswire/ -- Gardner Denver, Inc. (NYSE: GDI)
reported today that it has signed a definitive agreement to acquire Hoffman
Air and Filtration Systems ("Hoffman") from Invensys plc. Hoffman,
headquartered in Syracuse, New York, is a supplier of multistage centrifugal
blowers and vacuum systems, primarily for wastewater treatment and industrial
applications. For the year ended March 31, 2001, Hoffman's revenues were
approximately $41 million. It is anticipated that the transaction will close
on September 10, 2001 at a purchase price of approximately $45 million.
Ross Centanni, Chairman, President and Chief Executive Officer of Gardner
Denver said, "Hoffman is a long-term leader in supplying multistage
centrifugal blowers for a wide range of applications. Their strong brand
recognition, application engineering capabilities and broad product offering
will allow Gardner Denver to continue to enhance its position as a leading
international supplier of premium compressed air products. We expect that the
acquisition of Hoffman will not dilute earnings and will become accretive
within a short period of time."
Gardner Denver also reported today that the acquisition of Hamworthy
Belliss & Morcom, initially communicated in its press release dated August 24,
2001, has been completed at a purchase price of approximately 26 million
pounds (approximately $38 million).
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 ).
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 list, and related discussion, of these uncertainties
and factors is contained in Gardner Denver's 10-Q filed with the Securities
and Exchange Commission 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:
Philip R. Roth, Vice President, Finance and
Chief Financial Officer of Gardner Denver, Inc., +1-217-228-8205
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