Gardner Denver, Inc. has announced that it has entered into a share purchase agreement with the holders of 100 percent of the outstanding shares of Robuschi S.p.A. ("Robuschi"), a market leading European manufacturer of blowers and pumps, for a purchase price of approximately EUR 152 million ($207 million at current exchange rates). Robuschi is headquartered in Parma, Italy, and has annual revenues of approximately EUR 70 million ($95 million). Its shares are currently held by an investor group led by Milan, Italy based Aksia Group.

Robuschi is a leading European producer of blowers, pumps and associated packages. These products are used in a wide variety of end markets including wastewater, mining, and power generation, as well as general industrial applications. With facilities in Noceto, Italy; Sao Paulo, Brazil; and Shanghai, China, in addition to its main production facility in Parma, Robuschi serves over 3,000 customers and has an installed base in excess of 200,000 units.

"Robuschi is an outstanding strategic addition to the Gardner Denver portfolio and an excellent fit with our Industrial Products Group," stated Barry L. Pennypacker, President and Chief Executive Officer of Gardner Denver. "Robuschi's advanced manufacturing capabilities are expected to enable significant cost synergies as we continue to optimize our European manufacturing footprint supported by the principles of the Gardner Denver Way. I would like to welcome the talented employees of Robuschi to the Gardner Denver family and I look forward to developing the strong Robuschi brand name globally."

The transaction is subject to customary closing conditions, including the receipt of applicable regulatory approvals, and is expected to close in the fourth quarter of 2011.

SOURCE: Gardner Denver, Inc.