QUINCY, Ill., March 10 /PRNewswire/ -- Gardner Denver Machinery Inc.,
(NYSE: GDI) reported its acquisition of substantially all of the assets of the
Wittig Division of Mannesmann Demag A.G. for approximately DM 21 million
($12 million). Wittig, located in Schopfeim, Germany, is a manufacturer of
rotary sliding vane compressors and vacuum pumps for use on tankers, bulk
transporters and pneumatic handling systems, among other applications. Wittig
also manufactures distillation units for use in the treatment of factory
wastewater. For the year ended December 31, 1997, Wittig's revenues were
approximately DM 52 million ($29 million).
Ross Centanni, President and Chief Executive Officer of Gardner Denver,
said, "Wittig provides Gardner Denver with a strong distribution network in
Germany and the surrounding region. Gardner Denver is presently a leader in
the U.S. truck blower market. With Wittig's strong market position, we have
an opportunity for expanded distribution of products developed specifically
for the European segment. Wittig also provides the Company with local
packaging and aftermarket capabilities, which will benefit the distribution of
other compressor and blower products. The Company anticipates that Wittig
will add to revenues in 1998 and add to earnings in 1999."
Gardner Denver, with 1997 revenues of $292 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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