Displaying items by tag: gardner denver

Friday, 09 March 2018 23:50

Gardner Denver Acquires Runtech Systems

Gardner Denver Holdings Inc. (NYSE: GDI), a leading global provider of mission-critical flow control and compression equipment, announced that it has acquired Runtech Systems Oy for a net purchase price of approximately $93 million funded by cash on hand. Based in Kolho, Finland, Runtech is a leading global manufacturer of turbo vacuum technology systems and optimization solutions for use in a variety of process-oriented industrial end markets. Runtech will be part of Gardner Denver’s Industrials Segment.

Runtech byGD logo“Runtech is a market-leader with a history of innovation, excellent customer relationships and strong talent with deep market expertise,” said Vicente Reynal, Gardner Denver’s CEO. “This transaction is aligned with our strategy of leveraging core, mission-critical technologies to drive growth and build additional value at acquired companies. Runtech’s technology will enable expansion into new and attractive markets. It is a great addition to the Gardner Denver family,” added Reynal.

“This is an exciting time for our customers and employees,” said Kimmo Loippo, Chairman and co-founder of Runtech. “Both companies are aligned, with an entrepreneurial mindset and a passion for developing innovative customer-focused solutions,” added Loippo. Juha Karvinen, co-founder and developer of EcoFlow™ and Eco-Pump™ said, “Together our combined capabilities will further expand the technology to broader flow control, vacuum and pressure solutions for the betterment of our customers.”

For more information, visit: www.gardnerdenver.com

Published in European News

Gardner Denver, Inc. has announced that Vincent Trupiano has been appointed Vice President, Gardner Denver, Inc. and President, Industrial Products Group (IPG), effective immediately. In his new position, Mr. Trupiano has full responsibility for the company's global Industrial Products Group, reporting directly to Michael M. Larsen, President, Chief Executive Officer and Chief Financial Officer. Mr. Trupiano joined Gardner Denver in 2010 as the Vice President and General Manager of the Nash business and succeeds Brian L. Cunkelman, who resigned to pursue other opportunities.

"Vince has a proven track record of delivering strong operational results and his leadership skills, global operations experience and engineering expertise make him ideally suited to take on this new role," said Mr. Larsen. "I am confident that Vince will seamlessly transition into his new role and lead IPG to deliver continued growth. Since joining the Company, Vince has played a key role in Gardner Denver's success and we look forward to his ongoing contributions, including the IPG restructuring, which is continuing as planned."

Mr. Larsen added, "We also thank Brian for the role he has played at Gardner Denver over the past two years and wish him the best in his future endeavors."

Updated Fourth Quarter 2012 Outlook
Gardner Denver also announced that the Company's fourth quarter 2012 adjusted diluted earnings per share (Adjusted DEPS) is anticipated to be above the high end of the previously announced range of $1.22 to $1.32. (1)

Gardner Denver plans to webcast its quarterly earnings conference call for the fourth quarter and year-end 2012 on Friday, February 22, 2013 beginning at 8:30 a.m. EST. This webcast will be available in listen-only mode and can be accessed, for up to ninety days following the call, through the Investors section on the Gardner Denver website at www.GardnerDenver.com or through Thomson StreetEvents at www.earnings.com.

About Vincent Trupiano
Mr. Trupiano joined Gardner Denver in 2010 from Dresser-Rand where he was General Manager of the Turbo Compression Division. Prior to joining Dresser-Rand, Mr. Trupiano spent more than 20 years in a variety of operational and business leadership roles of increasing responsibility with United Technologies Corporation and Ford Motor Company.

Mr. Trupiano holds a Bachelor of Science degree in Mechanical Engineering from Michigan State University and a Master of Business Administration from the University of Michigan.

Published in North American News
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Gardner Denver, Inc. (NYSE: GDI) has announced that its board of directors has unanimously appointed Michael M. Larsen as President and Chief Executive Officer, effective immediately. Mr. Larsen had served as Vice President and Chief Financial Officer of Gardner Denver since 2010 and as Interim Chief Executive Officer since July 2012.

Mr. Larsen was also appointed to the Gardner Denver board of directors, effective immediately. Mr. Larsen was appointed to the class of directors whose term of office expires at the 2015 Annual Meeting of Shareholders. With the addition of Mr. Larsen, Gardner Denver's board now consists of nine directors, eight of whom are independent.

"After a thorough search, we are pleased to announce Michael's appointment as President and CEO on a permanent basis," said Diane Schumacher, independent Chairperson of the Board. "This appointment reflects the unanimous recognition by our board of the importance of Michael's numerous contributions, including serving as Interim CEO since July and as CFO since 2010. Michael has been intimately involved in developing and executing Gardner Denver's strategy for profitable growth and has led Gardner Denver's strong performance in a challenging environment. Under his leadership, Gardner Denver has improved productivity and reduced structural costs and remains focused on these efforts as evidenced by the recently announced restructuring of the Company's European operations. Michael's knowledge of our company and industry will be a valuable asset as we continue to execute on our strategy and work to enhance value for all Gardner Denver shareholders."

Ms. Schumacher continued, "The Gardner Denver board, together with its management team and the Company's financial advisor, continue to explore strategic alternatives for the Company, including enhancing the Company's existing strategic plan or a possible sale or merger of the Company. The board remains committed to this process, and we intend to thoughtfully and carefully evaluate options available to the Company in order to enhance shareholder value."

The Company stated that no decision has been made and that there can be no assurance that the board's exploration of strategic alternatives will result in any transaction being entered into or consummated. Gardner Denver does not intend to discuss or disclose developments with respect to this process until the board has approved a definitive course of action.

Mr. Larsen will continue to fulfill the role of Chief Financial Officer while a search is conducted and until a successor is named.

Published in North American News

Gardner Denver, Inc. has confirmed that its Board of Directors, working together with its management team and the Company's financial advisor, Goldman, Sachs & Co., are exploring strategic alternatives to enhance shareholder value. These alternatives could include, among other things, enhancing the Company's existing strategic plan or a possible sale or merger of the Company.

The Company stated that no decision has been made and that there can be no assurance that the Board's exploration of strategic alternatives will result in any transaction being entered into or consummated. Gardner Denver does not intend to discuss or disclose developments with respect to this process until the Board has approved a definitive course of action.

Published in North American News
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Gardner Denver has announced a restructuring initiative to optimize its global manufacturing footprint, reduce costs and expand margins. These initiatives, which focus primarily on its European Industrial Products Group, will consolidate manufacturing facilities and reduce associated staffing levels to increase operational efficiency and provide additional resources to invest in profitable growth. In connection with today's announcement, the Company also confirmed its prior earnings guidance for full-year 2012.

Gardner Denver expects to begin implementing its restructuring plan over the next several months and intends to conclude these initiatives by the end of 2015. 

In total, these initiatives are expected to generate annualized, pre-tax cost savings of $35-$40 million by 2016, with $10-$15 million expected to be achieved in 2013. 

"Gardner Denver has a solid track record of margin expansion and execution supported by the principles of the Gardner Denver Way," said Michael M. Larsen, Gardner Denver Interim Chief Executive Officer and Chief Financial Officer. "Today, we are announcing a series of strategic actions and plans designed to ensure that our company remains financially well-positioned and appropriately structured for profitable, long-term growth in our Industrial Products Group in Europe."

"After extensive analysis and consideration, we believe these restructuring initiatives will enhance the Company's prospects for growth and value creation, while ensuring that our businesses continue to meet and exceed the needs of customers every day. We further recognize that this will have a personal impact on people who have been dedicated to the mission of Gardner Denver. We recognize their contributions to the achievements of our business, and are committed to treating them fairly and with respect throughout this process," said Larsen.

The company noted that it expects to record cumulative, pre-tax restructuring charges related to the restructuring plan, consisting primarily of severance benefits and other integration costs, in the range of $85-$100 million which will be fully realized by 2015, with $35-$45 million expected to be incurred in 2013.

Published in European News

The board of directors of Gardner Denver, Inc. has announced that Barry L. Pennypacker has resigned as president, chief executive officer and director. Michael M. Larsen, vice president and chief financial officer, has been named interim CEO, effective immediately. Diane Schumacher, who served in a variety of senior management and legal roles during her career with Cooper Industries, will continue to serve as board chairperson and will actively assist Mr. Larsen during the transition period.

Mr. Larsen oversees all company financial matters, including mergers and acquisitions, and will retain his CFO responsibilities during the interim period. Having served as vice president and chief financial officer since 2010, Mr. Larsen has played a key role in defining and driving Gardner Denver's growth strategy, focused on a transformation into a leading industrial company. Under Mr. Larsen's leadership as CFO, the company delivered record financial results in 2011. Gardner Denver expects second quarter 2012 results to be in line with previously stated guidance.

"We thank Barry for his service to the company and wish him well in his new endeavors," said Diane Schumacher. "Gardner Denver is a strong company and we have a strong transitional leadership plan, which includes the return of T. Duane Morgan to lead the Engineered Products Group. As we move forward, we are very pleased to have a leader with Michael M. Larsen's credentials as interim CEO."

"I am proud of the progress and results we achieved in my years with the company, which is well positioned for a strong future. Gardner Denver has a talented leadership team supported by a dedicated and customer-focused workforce. I wish them only the best," said Barry L. Pennypacker.

"It's an honor to be selected for this role and I accept with the clear goal of continuing to move the company forward by executing Gardner Denver's lean strategy for profitable growth," said Michael M. Larsen, interim chief executive officer and chief financial officer.

Prior to joining Gardner Denver, Mr. Larsen served as chief financial officer for General Electric Water & Process Technologies, a global organization with revenues of approximately $2 billion and 7,500 employees. His previous experience includes more than 15 years with General Electric Company, where he served in a variety of financial leadership roles in GE Plastics, GE Industrial, GE Energy Services and GE Power & Water. He joined GE's European Healthcare organization in Paris, France in 1995 and served on GE's Corporate Audit staff for six years.

The nominating and corporate governance committee of the board of directors will oversee the search for the next CEO.

The company plans to release second quarter results on Thursday, July 19, 2012 after the market close followed by a conference call on July 20, 2012 at 8:30 a.m. ET. Additional detail on the conference call can be found on the investors section of the company's website (www.GardnerDenver.com).

SOURCE: Gardner Denver, Inc.

Published in North American News

Gardner Denver, Inc. has announced the appointment of Brian L. Cunkelman, age 43, as Vice President, Gardner Denver, Inc. and President, Industrial Products Group (IPG), effective immediately.

Mr. Cunkelman joined Gardner Denver in 2010 as Vice President, IPG Americas, and was promoted in 2011 to his current role as Vice President and General Manager for Emco Wheaton, a division of Gardner Denver, headquartered in Germany. In his new role, Mr. Cunkelman will remain based in Europe, which represents a substantial portion of IPG's global operations.

Previously, Mr. Cunkelman was Vice President of the Engineering Solutions business unit for Dell Corporation, and spent more than 17 years with Wabtec Corporation in a variety of operational and business leadership roles of increasing responsibility. These roles included Product Development, Operations Management, International Business Development, and Aftermarket Development. Brian holds a Bachelor of Science degree in Mechanical Engineering from Brown University and has extensive experience in implementing Lean principles.

"I am very pleased to announce Brian's promotion to the President of the Industrial Products Group," said Barry L. Pennypacker, Gardner Denver's President and Chief Executive Officer. "Brian has a proven track record of generating strong results in previous businesses and his recent experience managing the IPG Americas business makes him a great fit for this role as we continue to execute on our five point growth strategy. Brian's in-depth knowledge of the Gardner Denver Way will enable us to continue to drive innovation and velocity throughout the global IPG enterprise."

Concurrently, Gardner Denver, Inc. today announced the retirement of T. Duane Morgan, age 62, effective May 1, 2012. Mr. Morgan is currently Vice President, Gardner Denver, Inc. and President, Engineered Products Group (EPG). He joined the Company as Vice President and General Manager of the Gardner Denver Fluid Transfer Division in 2005.

"I thank Duane for his strong leadership over the past seven years," said Mr. Pennypacker. "Duane has made tremendous contributions to organic growth and margin expansion within the EPG business. In addition, Duane has helped us prepare and build a strong bench of talented leaders, which will allow for a smooth transition with regards to his planned retirement."

With Mr. Morgan's retirement, the General Managers for Gardner Denver's Petroleum and Industrial Pumps, Thomas, and Nash divisions in EPG will report directly to Mr. Pennypacker.

Published in North American News

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.

Published in European News
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Gardner Denver, Inc. has announced that its Board of Directors appointed Mr. John D. Craig to serve as an independent director of the company, effective November 2011 concurrent with the retirement of Mr. Frank J. Hansen. Barry L. Pennypacker, Gardner Denver's President and Chief Executive Officer, stated, "We are very pleased to have John join the Board of Directors. He brings a wealth of leadership and management expertise that has been accumulated during his distinguished career and his operational principles mirror those of the Gardner Denver Way."

 

Mr. Craig is the Chairman of the Board of Directors, President and Chief Executive Officer of EnerSys, a publicly held manufacturer of industrial batteries and associated stored energy solutions and services. Mr. Craig joined EnerSys' predecessor company, Yuasa, Inc., in 1994 and has held a series of senior management positions of increasing responsibility, including President and Chief Operating Officer, a position he held from 1998 to 2000 when he was promoted to his current position. Mr. Craig earned his Bachelor's degree from Western Michigan University and a Master's Degree in Electronics Engineering Technology from Arizona State University.

Published in North American News