Gardner Denver Completes Acquisition of Syltone

05.01.2004

Gardner Denver has declared its previously announced cash offer of 185 pence per share for the outstanding shares of Syltone to be wholly unconditional, effectively completing this acquisition. Holders of more than 96% of the outstanding shares ...

of Syltone capital have accepted the offer, either in cash or by electing to receive their consideration in the form of loan notes.

Since the level of acceptances exceeds the 90% threshold, Gardner Denver will exercise its right to compulsorily acquire all remaining outstanding Syltone shares. The acquisition will be funded from Gardner Denver's existing cash resources and committed credit facilities.

Syltone plc (Bradford, UK) provides solutions for the international transportation and bulk product handling industry. It designs, manufactures, distributes, installs and commissions components and systems for a wide range of market sectors, from marine loading arms to fibre-optic cable laying systems.

Gardner Denver, Inc. (NYSE:GDI), with 2002 revenues of $418 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 visiting the Investor Relations page on the Company’s website

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