Gardner Denver Announces Agreement to Acquire Hamworthy Belliss & Morcom
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
Source: Gardner Denver, Inc.