July 21, 2008
Staff
Gardner Denver, Inc. announced today it will
acquire a compressed air and gas solutions manufacturer by the end of the
fourth quarter.
The transaction for the purchase of CompAir, headquartered in
Gardner Denver President and CEO Barry Pennypacker said in a press release that CompAir has a strong reputation for innovative and high
quality products.
CompAir does more than three-quarters of its sales in Europe and
CompAir reported a profit of $16.1 million on revenue of $265.1
million for the year ending March 31.
"By blending the complementary product lines
and geographical reach of CompAir and Gardner Denver,
the combined business will be well positioned to take advantage of future
growth opportunities for its products, services and people," Pennypacker said.
CompAir has Industrial, Hydrovane and Reavell divisions.
The Industrial Division manufacturers products
such as oil-injected and oil-free rotary screw compressors, piston compressors
and portable rotary screw compressors that are used in oil and gas exploration
and mining and construction. The Hydrovane Division
makes rotary vane compressors and the Reavell
Division manufacturers high pressure reciprocating
compressors.
Pennypacker said Gardner Denver believes there is opportunity to grow
"the profitability of this business post-transaction through lean
enterprise techniques, low cost country sourcing and capturing integration
synergies."
The transaction is subject to certain closing
conditions, including receiving regulatory approvals.
Gardner Denver had $1.9 billion in revenue in
2007. The company will release its second quarter financial report Wednesday.
On the Web: www.gardnerdenver.com