Attached files
file | filename |
---|---|
8-K - FORM 8-K - KAYDON CORP | k50276e8vk.htm |
Exhibit 99.1
News From: Kaydon Corporation |
For Immediate Release Global Engineered Solutions |
KAYDON CORPORATION CLOSES ACQUISITION OF
HAHN-GASFEDERN GMBH
HAHN-GASFEDERN GMBH
Ann Arbor, Michigan April 8, 2011
Kaydon Corporation (NYSE: KDN) today announced that it has completed the acquisition of all of
the outstanding shares of HAHN-Gasfedern GmbH and related real estate and intangible property
(Hahn) from Ulrich Hahn e.K. pursuant to the definitive agreement announced on February 25, 2011.
Hahn, located in Aichwald, Germany, manufactures and sells high quality gas springs, tension
springs and dampers for diverse industrial markets. Hahn had sales of approximately $20 million in
2010, and will join ACE Controls, Inc. (ACE) within Kaydons Velocity Control Products segment.
Kaydon expects the transaction to be accretive within the first twelve months of ownership.
Kaydon Chairman and Chief Executive Officer James OLeary stated, We are delighted to welcome
Hahn and its exceptional employees into Kaydon. The addition of Hahn to our Velocity Control
Products segment, in collaboration with ACE, will benefit our world-class customers with enhanced
product development and design.
About Kaydon
Kaydon Corporation is a leading designer and manufacturer of custom engineered,
performance-critical products, supplying a broad and diverse group of alternative-energy,
industrial, aerospace, medical and electronic equipment, and aftermarket customers.
# # #
This press release contains forward-looking statements within the meaning of the Securities
Exchange Act of 1934 regarding the Companys plans,
1
expectations, estimates and beliefs. Forward-looking statements are typically identified by
words such as believes, anticipates, estimates, expects, intends, will, may,
should, could, potential, projects, approximately, and other similar expressions,
including statements regarding pending litigation, general economic conditions, competitive
dynamics and the adequacy of capital resources. These forward-looking statements may include,
among other things, projections of the Companys financial performance, anticipated growth,
characterization of and the Companys ability to control contingent liabilities, and anticipated
trends in the Companys businesses. These statements are only predictions, based on the Companys
current expectation about future events. Although the Company believes the expectations reflected
in the forward-looking statements are reasonable, it cannot guarantee future results, performance
or achievements or that predictions or current expectations will be accurate. These
forward-looking statements involve risks and uncertainties that could cause the Companys actual
results, performance or achievements to differ materially from those expressed or implied by the
forward-looking statements.
In addition, the Company or persons acting on its behalf may from time to time
publish or communicate other items that could also be construed to be forward-looking statements.
Statements of this sort are or will be based on the Companys estimates, assumptions, and
projections and are subject to risks and uncertainties that could cause actual results to differ
materially from those included in the forward-looking statements. Kaydon does not undertake any
responsibility to update its forward-looking statements or risk factors to reflect future events or
circumstances.
Contact: |
James OLeary President and Chief Executive Officer (734) 680-2025 Peter C. DeChants Senior Vice President and Chief Financial Officer (734) 680-2009 |
READ IT ON THE WEB http://www.kaydon.com |
2