Donaldson Company, Inc. (NYSE:DCI), a global leader in engine
filtration, announced today that it has entered into a binding agreement
to acquire 100 percent of the shares of Industrias Partmo S.A. Partmo is
a leading manufacturer of replacement air, lube and fuel filters in
Colombia.
Founded in 1963, Partmo generates annual sales of approximately $15
million. Partmo has approximately 250 employees at its main production
site in Bucaramanga, Colombia.
"The acquisition of Partmo will support our strategy of continued growth
in our engine filter business in South America," said Guillermo Briseño,
Donaldson's Vice President for Latin America. "Partmo® is a
well-recognized brand of replacement filters in Colombia and other
countries in the northern portion of South America. We look forward to
continuing and strengthening the long-term relationships they have built
with their distributors and customers."
"The Partmo business directly aligns with the priorities of our
strategic growth plan by growing our replacement filter and liquid
businesses, while further expanding our international business. Partmo's
factory in Colombia will be Donaldson's first production site for engine
liquid filters in South America," said Tod Carpenter, Donaldson's
President and CEO. "I look forward to welcoming the Partmo employees to
our Company."
Miscellaneous
Donaldson has entered into a binding agreement to acquire Partmo.
Completion of the transaction is subject to customary regulatory
approval in Colombia, and it is expected to close during the second
quarter of Donaldson's fiscal year 2016. Once the transaction is
complete, Donaldson will report revenue from the acquisition of Partmo
in its Engine Products Segment. For more information about Donaldson,
please visit the Company's Investor Relations site at IR.Donaldson.com.
The Company desires to take advantage of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995 (the "Act") and is
making this cautionary statement in connection with such safe harbor
legislation. This announcement contains forward-looking statements,
including, without limitation, forecasts, plans, trends, and projections
relating to our business and financial performance and global economic
conditions, which involve uncertainties that could materially impact
results. All statements other than statements of historical fact are
forward-looking statements. These statements do not guarantee future
performance.
The Company wishes to caution investors that any forward-looking
statements are subject to uncertainties and other risk factors that
could cause actual results to differ materially from such statements,
including but not limited to risks associated with: world economic
factors and the ongoing economic uncertainty, the reduced demand for
hard disk drive products with the increased use of flash memory,
currency fluctuations, commodity prices, political factors, the
Company's international operations, highly competitive markets,
governmental laws and regulations, including the impact of the various
economic stimulus and financial reform measures, the implementation of
our new information technology systems, information security and data
breaches, potential global events resulting in market instability
including financial bailouts and defaults of sovereign nations, military
and terrorist activities, including political unrest in the Middle East
and Ukraine, health outbreaks, natural disasters, and all of the other
risk factors included in our Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. We undertake no obligation to publicly update or
revise any forward-looking statements.
About Donaldson Company
Founded 100 years ago, Donaldson (NYSE: DCI) is a global leader in the
filtration industry. The Company's innovative filtration technologies
improve people's lives, enhance Customers' equipment performance and
protect the environment. More than 12,500 employees support Customers at
140 sales, manufacturing, and distribution locations. For more
information, visit www.donaldson.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150714005881/en/
for Donaldson Company, Inc.
Brad Pogalz, 952-887-3753
Jul 14, 2015