Gardner Denver Announces Agreement to Acquire Hamworthy Belliss & Morcom

27.08.2001

QUINCY, Ill., Aug. 24 /PRNewswire/ -- Gardner Denver, Inc. (NYSE: GDI) reported today that it has reached an agreement in principle, subject to the execution of a definitive agreement, to acquire the Hamworthy Belliss & Morcom compressor business ("HBM") from Powell Duffryn Ltd.

HBM is headquartered in Gloucester, England and manufactures and distributes lubricated and oil-free

reciprocating air compressors for a variety of applications, including

polyethylene terephthalate ("PET") bottle blowing, breathing air equipment and

compressed natural gas. For the year ended March 31, 2001, HBM's revenues

were approximately 39 million pounds (approximately $57 million). It is

anticipated that the definitive agreement will be signed and the transaction

will close August 31, 2001.

Ross Centanni, Chairman, President and Chief Executive Officer of Gardner

Denver said, "The acquisition of HBM provides several opportunities for

Gardner Denver to increase value to its customers and shareholders. HBM's

market position in PET bottle blowing and other specialized compressor

applications fits well with Gardner Denver's strategy to participate in

markets with the potential to grow at a rate faster than the overall

industrial economy. The high standard of quality and reputation of HBM's

products and aftermarket capabilities will provide Gardner Denver a broader

product offering and the ability to strengthen its distribution and service

networks in Europe and North and South America. The Company expects that this

acquisition will not dilute earnings and will become accretive within a short

period of time."

Gardner Denver, with 2000 revenues of $379 million, is a leading

manufacturer of reciprocating, rotary and vane compressors and blowers for

various industrial applications and pumps used in the petroleum and industrial

markets. Gardner Denver's news releases are available by facsimile

(800-758-5804, extension 303875) or by visiting the Company's website

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