KENT, Wash., Nov. 1 /PRNewswire-FirstCall/ -- Flow International
Corporation (Nasdaq: FLOWE), the world's leading supplier of ultrahigh-
pressure waterjet products, today announced that it has completed the
divestiture of its General Press operations, which consist of the North
America Press and the International Press segments, as well as the non-
ultrahigh-pressure portion of its food business, which is included in Avure's
Fresher Under Pressure(R) food segment. The businesses have been acquired by
an affiliate of Gores Technology Group, LLC, a Los Angeles-based private
equity firm. As part of the previously announced agreement, FLOW entered into
a supply agreement with the Gores affiliate to build on Avure's leading
position in the design and manufacture of advanced high-pressure presses for
the food industry.
"This divestiture allows us to focus our resources more tightly on our
core waterjet business," said Stephen R. Light, FLOW's President and Chief
Executive Officer. "At the same time, we look forward to working with Gores
to advance their high-pressure food processing business by producing market
leading ultrahigh-pressure water pumps and aftermarket products for their
equipment."
Specifically, the Gores affiliate has acquired Avure Technologies
Incorporated, Avure Technologies AB, Flow International FPS AB, and assets of
Flow Holding Sagl, which were all wholly owned subsidiaries of Flow
International Corporation. Also included in the transaction is FLOW's 51%
interest in a joint venture with Snap-tite, called Flow Autoclave Systems.
Avure is the market leader in the development of wire wound, high-pressure
industrial presses. Avure has been providing industrial presses under the
brand name Quintus Industrial Presses for more than 30 years and has delivered
more than 1,500 systems worldwide to customers including Ford and Boeing.
Avure Technologies specializes in the manufacturing of high-pressure presses
for the food industry.
About Flow International
Flow International Corporation is the world's leading developer and
manufacturer of ultrahigh-pressure waterjet cutting technology to industries
including automotive, aerospace, job shop, surface preparation, and more. For
more information, visit http://www.flowcorp.com.
About Gores Technology Group, LLC
Founded in 1987, Gores is a private equity firm focused on special
situations across industries with particular expertise in the technology,
telecommunications, and business services sectors. The firm combines the
seasoned M&A team of a traditional financial buyer with the operational
expertise and detailed due diligence capabilities of a strategic buyer. Gores
has a long standing record of creating sustainable value in its portfolio
companies by focusing on customers and employees, supporting management with
operational expertise and providing the capital required for growth.
Headquartered in Los Angeles, California, Gores maintains offices in Boulder,
Colorado; New York; Zurich; and London. http://www.gores.com
This press release contains forward-looking statements relating to future
events or future financial performance that involve risks and uncertainties.
The words "believe," "expect," "intend," "anticipate," variations of such
words and similar expressions identify forward-looking statements but their
absence does not mean that the statement is not forward-looking. These
statements are only predictions and actual results could differ materially
from those anticipated in these statements based on a number of risk factors,
including those set forth in the April, 30, 2005 Flow International
Corporation Annual Report on Form 10-K filed with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date of this amendment.
SOURCE Flow International Corporation
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Related links:
http://www.flowcorp.com
CONTACT:
John Leness, General Counsel of Flow
International Corporation, +1-253-850-3500
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