Donaldson Company Announces Agreement to Acquire ultrafilter international AG.Business Editors
MINNEAPOLIS--(BUSINESS WIRE)--June 13, 2002
Donaldson Company, Inc. (NYSE NYSE
See: New York Stock Exchange :DCI (Display Control Interface) An Intel/Microsoft programming interface for full-motion video and games in Windows. It allowed applications to take advantage of video accelerator features built into the display adapter. ), announced today that it has signed a definitive agreement to acquire 100 percent of the shares of ultrafilter international AG ("ultrafilter"), headquartered in Haan, Germany, for 72 million euros.
With roughly $100 million in sales, ultrafilter is a global leader in the design and manufacture of components, replacement parts and complete systems for the compressed air compressed air, air whose volume has been decreased by the application of pressure. Air is compressed by various devices, including the simple hand pump and the reciprocating, rotary, centrifugal, and axial-flow compressors. purification industry. Its products include compressed air filters and a wide assortment of replacement filters, a complete offering of refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. and desiccant desiccant /des·ic·cant/ (des´i-kant)
1. promoting dryness.
2. an agent that promotes dryness.
n. dryers, condensate management devices and after-sale services. ultrafilter, with operations in 30 countries, is built on selling direct to end users, excellent customer service and a strong focus on the aftermarket. Additional financial results for the privately held ultrafilter are not disclosed.
The transaction is expected to be earnings neutral for fiscal 2003 and accretive thereafter, with additional upside dependent on the pace and success of integration efforts.
"ultrafilter represents a strategic fit for Donaldson," said Bill Van Dyke Bill Van Dyke (born December 15, 1863 in Paris, Illinois; died May 5, 1933 in El Paso, Texas) was an outfielder in Major League Baseball in the 19th century. Teams
"On one level, this acquisition in compressed air purification builds on the AirMaze acquisition of two years ago. With a modest technology extension, it takes us further into an industrial air filtration segment where we haven't been active. Where AirMaze brought us access to the filtration needs of the compressor itself, ultrafilter moves out of the compressor room to all of the points of use in the factory. On another level, ultrafilter adds to our diversified portfolio of filtration businesses and provides another building block for the bundle of filtration capabilities that Donaldson now offers to its industrial customers in dust and mist collection Dust and mist collection
The physical separation and removal of solid or liquid particles from a gas in which they are suspended. Such separation is required for one or more of the following purposes: (1) to collect a product which has been processed or and hydraulic filtration.
"ultrafilter has posted average revenue growth of 14 percent over the last five years, clearly above the pace of industrial manufacturing. Combining ultrafilter's growth track with Donaldson's in-place operating controls, systems and infrastructure yields a business opportunity that we expect to play a meaningful part in our future financial performance."
Dirk G. Kronsbein, chairman, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and founder of ultrafilter, noted that the transaction was the culmination of seven years of discussions with Donaldson. "Donaldson's patient persistence and the efforts it has made to understand and appreciate ultrafilter's strengths made it the strongest suitor SUITOR. One who is a party to a suit or action in court. One who is a party to an action. In its ancient sense, suitor meant one Who was bound to attend the county court, also, one who formed part of the secta. (q.v.) when the time came to find a buyer for the company."
The transaction is expected to be complete in approximately 30 days and is subject to regulatory approval and other customary closing conditions.
About Donaldson Company, Inc.
Donaldson Company, Inc., headquartered in Minneapolis, Minn., is a leading worldwide provider of filtration systems and replacement parts. Founded in 1915, Donaldson is a technology-driven company committed to satisfying customer needs for filtration solutions through innovative research and development. Donaldson serves customers in the industrial and engine markets including dust collection, power generation, specialty filtration, off-road equipment, industrial compressors and trucks. More than 8,100 employees contribute to the company's success at 40 manufacturing locations around the world. In fiscal year 2001, Donaldson reported record sales of more than $1.1 billion and achieved its twelfth consecutive year of double-digit earnings growth. Donaldson is a member of the S&P MidCap 400 Index and Donaldson shares are traded on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol DCI. Additional company information is available at www.donaldson.com.
Statements that Donaldson Company, Inc. may publish, including those in this announcement, that are not strictly historical are "forward-looking statements" made under the safe harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve known and unknown risks which may cause actual results and corporate developments to differ materially from those expected, including those risks described in the Company's SEC filings, including quarterly reports on Form 10-Q Form 10-Q
See 10-Q. , annual reports on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. and reports on Form 8-K Form 8-K
The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock.
See 8-K. . New factors emerge from time-to-time and it is not possible for management to predict all such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to the Company's views as of the date that the statement is made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.