Gardner Denver Announces Agreement to Acquire Hoffman Air And Filtration Systems; Also Announces Completion of Hamworthy Belliss & Morcom Acquisition

11.09.2001

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.

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