Gardner Denver Announces Agreement to Acquire Hoffman Air And Filtration Systems; Also Announces Completion of Hamworthy Belliss & Morcom Acquisition
QUINCY, Ill., Sept. 4 /PRNewswire/ -- Gardner Denver, Inc. (NYSE: GDI) reported today that it has signed a definitive agreement to acquire Hoffman Air and Filtration Systems ("Hoffman") from Invensys plc. Hoffman, headquartered in Syracuse, New York, is a supplier of multistage centrifugal blowers and vacuum systems, primarily for wastewater treatment and industrial applications.
For the year ended March 31, 2001, Hoffman's revenues were
approximately $41 million. It is anticipated that the transaction will close
on September 10, 2001 at a purchase price of approximately $45 million.
Ross Centanni, Chairman, President and Chief Executive Officer of Gardner
Denver said, "Hoffman is a long-term leader in supplying multistage
centrifugal blowers for a wide range of applications. Their strong brand
recognition, application engineering capabilities and broad product offering
will allow Gardner Denver to continue to enhance its position as a leading
international supplier of premium compressed air products. We expect that the
acquisition of Hoffman will not dilute earnings and will become accretive
within a short period of time."
Gardner Denver also reported today that the acquisition of Hamworthy
Belliss & Morcom, initially communicated in its press release dated August 24,
2001, has been completed at a purchase price of approximately 26 million
pounds (approximately $38 million).
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.
Source: Gardner Denver, Inc.
