QUINCY, Ill., Oct. 20 /PRNewswire/ -- Gardner Denver, Inc. (NYSE: GDI), a
leading manufacturer of compressors and blowers for industrial applications
and pumps for petroleum and industrial markets, reported its acquisition of
Air Relief, Inc. in a cash for stock transaction. Air Relief, located in
Mayfield, Kentucky, is an independent provider of replacement parts and
service for centrifugal compressors. For the year ended June 30, 1999, Air
Relief's revenues were approximately $11 million.
Ross Centanni, Chairman, President and Chief Executive Officer of Gardner
Denver, said, "The completion of this acquisition will speed Gardner Denver's
penetration of the centrifugal compressor market, which we will enter through
our recently executed long-term strategic alliance with Samsung Aerospace
Industrial Co. of South Korea. This alliance provides Gardner Denver with
technology and manufacturing rights of the Samsung centrifugal compressor for
North and South America and Western European countries. The addition of
centrifugal compressors is a natural extension of our existing reciprocating
and rotary screw compressor products lines. Air Relief will add key
centrifugal compressor engineering, assembly, sales and service capabilities
to enable us to better support this new product line. We are excited about
the opportunities that the acquisition of Air Relief and alliance with Samsung
present, and look forward to improved compressed air solutions and services
offered for our customers."
Gardner Denver's news releases are available by fax by calling
800-758-5804, extension 303875, or by visiting the Company's home page on the
Internet ( http://www.gardnerdenver.com ).
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 or fax,
800-758-5804, ext. 303875
CONTACT:
Helen W. Cornell, Vice President, Corporate
Secretary and Treasurer of Gardner Denver, Inc., 217-228-8209
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