Attached files
file | filename |
---|---|
EX-2.1 - EX-2.1 - PMFG, Inc. | d85552exv2w1.htm |
8-K - FORM 8-K - PMFG, Inc. | d85552e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE:
PMFG, Inc. (Parent of Peerless Mfg. Co.) Announces the Acquisition of German Licensee, Burgess
Manning GmbH, by Peerless Europe Limited
DALLAS, November 8, 2011 (GLOBE NEWSWIRE) PMFG, Inc. (Nasdaq:PMFG) announced today that its
wholly owned subsidiary, Peerless Europe Limited (PEL) has acquired Burgess-Manning GmbH, a
German company based in Dusseldorf for a purchase price of EUR 4 million ($5.5 million).
Burgess-Manning GmbH held an exclusive license throughout Germany and surrounding European
countries to design, manufacture and market custom engineered systems and products under the
Burgess-Manning trademark, which is owned by the Company and primarily serves the markets for power
generation, natural gas infrastructure and petrochemical processing. PEL, headquartered in
Braintree, United Kingdom, serves similar customers throughout Europe, the Middle East and North
Africa.
Burgess-Manning GmbHs annual revenue for the fiscal year ended September 30, 2010 was
approximately $13 million determined using accounting principles generally accepted in Germany.
Peter J. Burlage, the Companys Chief Executive Officer said: We welcome the employees, customers,
and suppliers of Burgess-Manning to the Peerless family. The team at Burgess Manning GmbH has
developed a strong reputation for delivering high quality and cost-efficient solutions and products
for their long standing customers. The combination of our two organizations will both broaden the
product offerings of Burgess Manning GmbH and allow PEL to more effectively pursue opportunities
throughout Central and Eastern Europe. We are excited about this opportunity to continue to expand
our product offerings and customer base and we believe that this transaction will be accretive to
earnings in fiscal year 2012.
About PMFG
The Company is a leading provider of custom engineered systems and products designed to help ensure
that the delivery of energy is safe, efficient and clean. The Company primarily serves the markets
for power generation, natural gas infrastructure and petrochemical processing. Headquartered in
Dallas, Texas, the Company markets its systems and products worldwide under the brand names of
Peerless Mfg. Co., Burgess-Manning, Bos-Hatten and Alco Products.
The PMFG, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5676
http://www.globenewswire.com/newsroom/prs/?pkgid=5676
Forward Looking Statements
Safe Harbor Under The Private Securities Litigation Reform Act of 1995
Certain statements contained in this press release that are not historical facts are
forward-looking statements that involve a number of known and unknown risks, uncertainties and
other factors that could cause the actual results to be materially different from those expressed
or implied by such forward-looking statements. The words anticipate, preliminary, intend,
may, will and similar expressions identify forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides a safe harbor for these forward-looking statements. In
order to comply with the terms of the safe harbor, the Company notes that a variety of factors
could cause actual results to differ materially from the anticipated results expressed in these
forward-looking statements. There is no assurance that the Company will seek to sell equity
securities in the future, and if so, at what price those securities may be sold. The risks and
uncertainties that may affect the Companys results include the growth rate of the Companys
revenue and market share; the receipt of new, and the non-termination of existing, contracts; the
Companys ability to effectively manage its business functions while growing its business in a
rapidly changing environment; the Companys ability to adapt and expand its services in such an
environment; the quality of the Companys plans and strategies; risks associated with the Companys
significant indebtedness; and the Companys ability to execute such plans and strategies. Other
important information regarding factors that may affect the Companys future performance is
included in the public reports that the Company files with the Securities and Exchange Commission,
including the information under Item 1A. Risk Factors in our Annual Report on Form 10-K for the
fiscal year ended July 2, 2011. The Company undertakes no obligation to update any forward-looking
statements to reflect events or circumstances occurring after the date of this release, or to
reflect the occurrence of other events, including the status of specific orders or contracts,
except to the extent required by law. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this release. The inclusion of any
statement in this release does not constitute an admission by the Company or any other person that
the events or circumstances described in such statement are material.
Contact:
Mr. Peter J. Burlage, Chief Executive Officer
Mr. Ronald L. McCrummen, Chief Financial Officer
PMFG, Inc.
14651 North Dallas Parkway, Suite 500
Dallas, Texas 75254
Phone: (214) 357-6181
www.peerlessmfg.com
Mr. Ronald L. McCrummen, Chief Financial Officer
PMFG, Inc.
14651 North Dallas Parkway, Suite 500
Dallas, Texas 75254
Phone: (214) 357-6181
www.peerlessmfg.com
or
Investor Relations:
Kevin McGrath
Cameron Associates
(212) 245-4577
Kevin@cameronassoc.com
Cameron Associates
(212) 245-4577
Kevin@cameronassoc.com