QUINCY, Ill., Dec. 23 /PRNewswire/ -- Gardner Denver Machinery Inc.
(NYSE: GDI) reported today that a definitive agreement has been signed for 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, Ill., 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, the
Company anticipates that Champion will generate revenues of approximately
$31 million.
Ross Centanni, President and Chief Executive Officer of Gardner Denver
said, "The addition of Champion provides Gardner Denver with a more complete
product offering to penetrate the low horsepower compressor market. This
acquisition will also open new markets and channels of distribution to Gardner
Denver, such as the automotive aftermarket and catalog sales, and expand the
distribution of Champion's products. The Company anticipates that the
acquisition will be slightly accretive in 1998."
The purchase is subject to an antitrust review by the federal government
and 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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