Ann Arbor, MI-February 25, 2011
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, manufacturers 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 indusrial gas spring 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."
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 electronical equipment, and aftermarket customers.
Other News:
Kaydon Corporation Enters into Agreement to Acquire HAHN-Gasfedern GmbH
Boca Bearings Is Introducing Bearings for the Semiconductor Industry
Kaydon Corporation Announces First Quarter Dividend
Applied Industrial Technologies Receives Performance Excellence Award from Boeing
New Energy Efficient DC Cooling Fan Series from NMB
Kaman Board of Directors Declares Dividend
Timken Enhances Website with New Look and Advanced CAD Features for Customers
Complete Selloff of Scooters India, HMT Bearings on Cards
