QUINCY, Ill., Jan. 5 /PRNewswire/ -- Gardner Denver Machinery Inc.
(NYSE: GDI) reported today that it has acquired substantially all of the
assets of Geological Equipment Corporation ("Geoquip") for approximately $12
million. Geoquip, located in Fort Worth, Texas, is a leading manufacturer of
pumps, ranging from 250 to 2,400 horsepower, for the well service and water
blast industries. The company also remanufactures pumps and provides repair
services.
Ross Centanni, President and Chief Executive Officer of Gardner Denver
said, "The acquisition of Geoquip further strengthens Gardner Denver's
leadership position in the well servicing market place and our ability to
serve key well stimulation customers. The Company anticipates that the
acquisition will be slightly accretive in 1998."
The purchase price was paid in cash ($1.5 million) and approximately
430,000 shares of Gardner Denver Common Stock. Gardner Denver also paid
approximately $2 million to acquire patents, previously owned by Geoquip's
shareholders, for products manufactured by Geoquip. The purchase will be
treated as a cash purchase for accounting purposes.
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.
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Related links:
http://www.gardnerdenver.com
CONTACT:
Helen W. Cornell, Vice President, Corporate
Secretary and Treasurer of Gardner Denver Machinery Inc.,
217-228-8209
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
303875
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