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Brady Corporation (NYSE:BRC) has announced that it has acquired
Sorbent Products Co., Inc. (SPC) headquartered in Somerset, NJ. Terms
of the transaction were not disclosed.
SPC is a leading manufacturer and marketer of synthetic sorbent
materials used in a variety of industrial maintenance and
environmental applications for spill clean-up, containment and
control. Available in a variety of shapes, sizes and configurations,
SPC sorbents and spill kits are used indoors and outdoors in virtually
every type of industrial market and environmental sector. The company,
founded in 1977, has manufacturing operations in the U.S., Belgium and
Hong Kong. With sales of approximately $47 million in 2006, SPC
employs 170 people.
The acquisition of SPC allows Brady to broaden its product
portfolio for the MRO market, enhance its position as a provider of
products that protect premises, and further add value for Brady
distributors.
"We are excited to add sorbents to our product offering of safety
and facility products sold through our distribution partners. These
are highly successful and important consumable products that will help
to further grow the wide range of other Brady products that identify
and protect the premises of our customers," said Matt Williamson,
president, Brady Americas. "SPC is a customer-driven company committed
to their distributors and is focused on quality products that will fit
well with Brady's culture of exceptional performance."
"We're delighted to join the strong team at Brady. After 30 years
as a family business, we can now move to the next level in partnership
with a company that has a strong global infrastructure, a diverse
customer base and a wide range of MRO products. This is a great
opportunity for both our employees and our customers," said Mike
Hobin, president, Sorbent Products.
Brady Corporation is an international manufacturer and marketer of
complete solutions that identify and protect premises, products and
people. Its products help customers increase safety, security,
productivity and performance and include high-performance labels and
signs, safety devices, printing systems and software, and precision
die-cut materials. Founded in 1914, the company has more than 500,000
customers in electronics, telecommunications, manufacturing,
electrical, construction, education, medical and a variety of other
industries. Brady is headquartered in Milwaukee and employs more than
9,000 people at operations in the Americas, Europe and Asia/Pacific.
Brady's fiscal 2006 sales were approximately $1.018 billion.
More information is available on the Internet at
www.bradycorp.com, and www.sorbentproducts.com.
Brady believes that certain statements in this news release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements related to
future, not past, events included in this news release, including,
without limitation, statements regarding Brady's future financial
position, business strategy, targets, projected sales, costs,
earnings, capital expenditures, debt levels and cash flows, and plans
and objectives of management for future operations are forward-looking
statements. When used in this news release, words such as "may,"
"will," "expect," "intend," "estimate," "anticipate," "believe,"
"should," "project" or "plan" or similar terminology are generally
intended to identify forward-looking statements. These forward-looking
statements by their nature address matters that are, to different
degrees, uncertain and are subject to risks, assumptions and other
factors, some of which are beyond Brady's control, that could cause
actual results to differ materially from those expressed or implied by
such forward-looking statements. For Brady, uncertainties arise from
future financial performance of major markets Brady serves, which
include, without limitation, telecommunications, manufacturing,
electrical, construction, laboratory, education, governmental, public
utility, computer, transportation; difficulties in making and
integrating acquisitions; risks associated with newly acquired
businesses; Brady's ability to retain significant contracts and
customers; future competition; Brady's ability to develop and
successfully market new products; changes in the supply of, or price
for, parts and components; increased price pressure from suppliers and
customers; interruptions to sources of supply; environmental, health
and safety compliance costs and liabilities; Brady's ability to
realize cost savings from operating initiatives; Brady's ability to
attract and retain key talent; difficulties associated with exports;
risks associated with international operations; fluctuations in
currency rates versus the US dollar; technology changes; potential
write-offs of Brady's substantial intangible assets; risks associated
with obtaining governmental approvals and maintaining regulatory
compliance for new and existing products; business interruptions due
to implementing business systems; and numerous other matters of
national, regional and global scale, including those of a political,
economic, business, competitive and regulatory nature contained from
time to time in Brady's U.S. Securities and Exchange Commission
filings, including, but not limited to, those factors listed in the
"Risk Factors" section located in Item 1A of Part II of Brady's Annual
Report on Form 10-K for the period ended July 31, 2006. These
uncertainties may cause Brady's actual future results to be materially
different than those expressed in its forward-looking statements.
Brady does not undertake to update its forward-looking statements.
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