MINNEAPOLIS--(BUSINESS WIRE)--
Donaldson Company, Inc. (NYSE:DCI), a global leader in the filtration
industry, today announced that it has acquired Hy-Pro Corporation.
Hy-Pro designs and manufactures filtration systems and replacement
filters for stationary hydraulic and industrial lubrication filtration
applications.
“We are excited to support Hy-Pro’s dedicated team and valued
customers,” said Tom Scalf, Donaldson’s senior vice president of Engine
Products. “Hy-Pro’s application expertise and filtration products
improve the reliability and cost-effectiveness of their customers’
systems, often by extending the life of critical equipment and expensive
fluids. Hy-Pro will continue to grow its well-known brand of stationary
hydraulic and lubrication systems by leveraging Donaldson’s filtration
technology, global support and strength in mobile hydraulics.”
“Hy-Pro is an excellent addition to Donaldson’s global portfolio of
filtration businesses,” said Tod Carpenter, president and chief
executive officer of Donaldson. “Like Donaldson, Hy-Pro has demonstrated
a commitment to product innovation and a high level of customer support
to solve their customers’ filtration problems. We welcome Hy-Pro’s
employees and customers, and we look forward to continuing to grow the
Hy-Pro business with them.”
Hy-Pro, which was founded in 1986, is based in Anderson, Indiana, and
has 110 employees. Hy-Pro generates annual revenue of approximately $25
million through sales of filtration systems and replacement parts for a
wide range of industries, including manufacturing, metals processing and
power generation.
Donaldson completed the acquisition of Hy-Pro on May 1, 2017. For more
information about Donaldson, please visit the Investor Relations site at IR.Donaldson.com.
Statements in this release regarding future events and expectations,
such as forecasts, plans, trends and projections relating to the
Company’s business and financial performance, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, and are identified by words or phrases such as “will
likely result,” “are expected to,” “will continue,” “will allow,”
“estimate,” “project,” “believe,” “expect,” “anticipate,” “forecast,”
and similar expressions. These forward-looking statements speak only as
of the date such statements are made and are subject to risks and
uncertainties that could cause the Company’s results to differ
materially from these statements. These factors include, but are not
limited to, world economic and industrial market conditions; the
Company's ability to maintain certain competitive advantages over
competitors; pricing pressures; the Company's ability to protect and
enforce its intellectual property rights; the Company's dependence on
global operations; customer concentration in certain cyclical
industries; commodity availability and pricing; the implementation of
new information technology systems; information security and data
breaches; foreign currency fluctuations; governmental laws and
regulations; changes in tax laws, regulations and results of
examinations; the Company's ability to attract and retain key personnel;
changes in capital and credit markets; execution of the Company's
acquisition strategy; the possibility of goodwill or intangible asset
impairment; execution of restructuring plans; the Company's ability to
maintain an effective system of internal control over financial
reporting. These risks and uncertainties are described in Item 1A of the
Company’s Annual Report on Form 10-K for the year ended July 31, 2016.
The Company makes these statements as of the date of this disclosure and
undertakes no obligation to update them unless otherwise required by law.
About Donaldson Company
Founded in 1915, Donaldson Company is a global leader in the filtration
industry with approximately 140 sales, manufacturing and distribution
locations in 44 countries. Donaldson’s innovative filtration
technologies improve people’s lives, enhance customers’ equipment
performance and protect the environment. For more information, visit www.Donaldson.com.
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Source: Donaldson Company, Inc.