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Kaydon Corporation Enters into Agreement to Acquire HAHN-Gasfedern GmbH

Dépèche transmise le 25 février 2011 par Business Wire

Kaydon Corporation Enters into Agreement to Acquire HAHN-Gasfedern GmbH

ANN ARBOR, Mich.--(BUSINESS WIRE)--Kaydon Corporation (NYSE: KDN) today announced that it has entered into a definitive agreement to purchase all of the outstanding shares of HAHN-Gasfedern GmbH and related real estate and intangible property (“HAHN”) from Ulrich Hahn e.K. The acquisition is expected to close in the second quarter of 2011 following completion of customary closing conditions, including the completion and acceptance of certain real estate filings.

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”) as part of Kaydon’s 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 O’Leary stated, “We are excited to expand our Velocity Control Products segment with the acquisition of HAHN, a recognized leader in the high quality industrial gas springs segment. HAHN has a reputation as a critical supplier to a significant number of leading edge customers. HAHN will join with ACE to collaborate on key areas of product development and design for the benefit of our world-class customers.”

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 Company’s plans, 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. These forward-looking statements may include, among other things, projections of the Company’s financial performance, anticipated growth, characterization of and the Company’s ability to control contingent liabilities, expectations regarding acquired businesses and anticipated trends in the Company’s businesses. These statements are only predictions, based on the Company’s 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 Company’s 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 Company’s 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.