MINNEAPOLIS--(BUSINESS WIRE)--
Donaldson Company, Inc. (NYSE: DCI), a leader in the global filtration
market, has entered into a definitive agreement to acquire BOFA
International LTD (BOFA). BOFA designs, develops and manufactures fume
extraction systems across a wide range of industrial air filtration
applications.
Headquartered in Poole, United Kingdom, BOFA was founded in 1987 and
employs approximately 250 people. BOFA expects to generate sales of
approximately $40 million in its current fiscal year. BOFA sells fume
extraction systems to OEM customers, distributors and end users, and has
recurring sales of replacement filters. Its fume extraction systems are
used in laser, electronics, printing, 3D printing and dental
applications.
“We are excited to leverage BOFA’s high-quality products and strong
customer relationships to expand into new industrial air filtration
markets and applications,” said Jeff Spethmann, senior vice president of
Donaldson’s Industrial Products segment. “With Donaldson’s expertise in
filtration technologies and global manufacturing and distribution
footprint, we plan to further accelerate BOFA’s global growth and add
additional filtration technology to BOFA’s products.”
“BOFA’s fume collection business will be an excellent complement to our
global portfolio of filtration businesses,” said Tod Carpenter,
chairman, president and chief executive officer. “The acquisition of
BOFA aligns well with our strategy by growing our industrial air
filtration business and diversifying our company through technology-led
filtration solutions. I look forward to welcoming BOFA’s employees and
customers to Donaldson Company, and supporting the BOFA team as they
continue to grow their business.”
Miscellaneous
Donaldson has entered into a binding agreement to acquire 88 percent of
BOFA for approximately £79 million. Completion of the transaction is
subject to customary closing conditions. Donaldson expects to close the
transaction during the first quarter of fiscal 2019. Once the
transaction is complete, Donaldson will report revenue from the
acquisition of BOFA within its Industrial Filtration Solutions business
in the Industrial Products segment.
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,”
“plan,” 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 Company’s ability to
develop new information technology systems and maintain and upgrade
existing 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
asset impairment; execution of restructuring plans; the Company's
ability to maintain an effective system of internal control over
financial reporting. These and other risks and uncertainties are
described in Item 1A of the Company’s Annual Report on Form 10-K for the
year ended July 31, 2017. 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 sales, manufacturing and distribution locations around the
world. Donaldson’s innovative technologies are designed to solve complex
filtration challenges and enhance customers’ equipment performance. For
more information, visit www.Donaldson.com.
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Donaldson Company, Inc.
Brad Pogalz, 952-887-3753
Source: Donaldson Company, Inc.