Gardner Denver, Inc. has entered into purchase agreements to acquire CompAir Holdings (CompAir), a leading global manufacturer of compressed air and gas solutions. The acquisition values CompAir at approximately US$395 million and the transaction is expected to close in the fourth quarter of 2008.
CompAir, headquartered in Redditch, UK, operates through three business divisions: Industrial, Hydrovane, and Reavell. The Industrial division manufactures an extensive range of products, including oil-injected and oil-free rotary screw compressors, piston compressors, and portable rotary screw compressors. These products are used in oil and gas exploration, mining and construction, power plants, and general industrial applications. The Hydrovane division is a leading manufacturer of rotary vane compressors used in OEM applications such as snow-making and mass transit, and general industrial applications. The third division, Reavell, is a leading manufacturer of high pressure reciprocating compressors producing air at delivery pressures in excess of 400 bar. Reavell's compressors are used in applications such as compressed natural gas, industrial gases, breathing air, and in naval, marine and defence market segments.
In March this year CompAir released the Quantima compressor - a unique and dynamic oil-free compressor technology, which has only one moving part spinning in a magnetic field. The revolutionary Q-drive compression assembly forms the heart of the new compressor design. Its unique rotor and direct-driven compression elements are levitated by active electromagnetic bearings to allow them to reach speeds of up to 60 000 rpm. The design dramatically reduces energy consumption and improves environmental performance and results in a much quieter and more compact, variable-speed product that has no gearbox, no oil, and is engineered to deliver industry-leading reliability.
"CompAir is an exciting strategic acquisition for Gardner Denver. The company has a reputation for high-quality, innovative products and best-in-class customer service, which strongly complements Gardner Denver's existing operations," said Barry L. Pennypacker, Gardner Denver's president and chief executive officer. "With more than three-quarters of CompAir's sales in Europe and Asia, this transaction extends the geographic availability of Gardner Denver's products and significantly enhances our channels of distribution to serve the global market. 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."
CompAir serves a diversified, global customer base of distributors, OEMs, end users, and engineered system customers with a relationship strategy focused on product innovation and value added designs. The company addresses its global markets through a network of wholly-owned sales offices, local sales and service branches, and a number of independent distributors and agents worldwide. Its primary manufacturing facilities are located in Simmern, Germany; Ipswich and Redditch, UK; Ocala, Florida; and Shanghai, China.
Gardner Denver, with 2007 revenues of US$1,9 billion, is a leading worldwide manufacturer of reciprocating, rotary and vane compressors, liquid ring pumps and blowers for various industrial and transportation applications, pumps used in the petroleum and industrial market segments, and other fluid transfer equipment serving chemical, petroleum, and food industries.
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