Gardner Denver Machinery Inc. Completes Acquisition of Champion Pneumatic Machinery Company, Inc.

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Gardner Denver Machinery Inc. Completes Acquisition of Champion Pneumatic Machinery Company, Inc.

    QUINCY, Ill., Jan. 29 /PRNewswire/ -- Gardner Denver Machinery Inc.
(NYSE: GDI) reported the completion of its acquisition of the assets of
Champion Pneumatic Machinery Company, Inc., a subsidiary of CRL Industries,
Inc., for approximately $24 million.  Champion, located in Princeton,
Illinois, is  a leading manufacturer of lubricated and non-lubricated single
acting, single and two-stage compressors.  Champion products serve the
industrial market, service support industry, oil-free applications and
consumer market.  For the year ended December 31, 1997, Champion generated
revenues of approximately $32 million.  The Company anticipates that the
acquisition will be slightly accretive in 1998.
    Gardner Denver, with 1996 revenues of $218 million, is a leading
manufacturer of air compressor and blower products for various industrial
applications and pumps used in oil and gas production and well servicing,
drilling and stimulation.

SOURCE Gardner Denver Machinery Inc.

http://www.gardnerdenver.com CONTACT:
Helen W. Cornell, Vice President, Corporate
Secretary and Treasurer of Gardner Denver, 217-228-8209
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
303875