Graco Acquires Cohesant Technologies' GlasCraft Subsidiary
February 28 2008 - 9:00AM
Business Wire
Graco Inc. (NYSE: GGG) announced today that it has completed its
acquisition of Cohesant Technologies Inc.�s GlasCraft Inc.
(�GlasCraft�) subsidiary for $35 million, which amount includes
certain assumed debt and transaction costs. The acquisition was
effective as of 5:00 p.m. EST on February 27, 2008, and was
accomplished through a shareholder approved merger with GlasCraft�s
parent entity, Cohesant Technologies, and a spin off of all
non-GlasCraft business operations. GlasCraft developed the first
spray system for the Composites manufacturing industry nearly 45
years ago and today manufactures and sells industry-leading
solutions for both open and closed-mold applications. GlasCraft
also designs, manufactures and sells high performance dispense
systems for the polyurethane foam and polyurea coatings industries.
Graco�s President and Chief Executive Officer Patrick J. McHale
said, �GlasCraft is a well respected company we have been
interested in acquiring for several years. The company is
recognized for its presence in the global composites market as well
as the polyurethane foam and polyurea coatings markets. GlasCraft�s
products, brands and engineering capabilities highly complement
Graco�s core businesses, creating an opportunity to leverage each
company�s unique strengths. The company has approximately 70
employees and annual sales of approximately $18 million.� Graco
Inc. supplies technology and expertise for the management of fluids
in both industrial and commercial applications. It designs,
manufactures and markets systems and equipment to move, measure,
control, dispense and spray fluid materials. A recognized leader in
its specialties, Minneapolis-based Graco serves customers around
the world in the manufacturing, processing, construction and
maintenance industries. For additional information about Graco
Inc., please visit us at www.graco.com. Cautionary Statement
Regarding Forward-Looking Statements A forward-looking statement is
any statement made in this earnings release and other reports that
the Company files periodically with the Securities and Exchange
Commission, as well as in press releases, analyst briefings,
conference calls and the Company�s Annual Report to shareholders,
which reflects the Company�s current thinking on market trends and
the Company�s future financial performance at the time they are
made. All forecasts and projections are forward-looking statements.
The Company undertakes no obligation to update these statements in
light of new information or future events. The Company desires to
take advantage of the �safe harbor� provisions of the Private
Securities Litigation Reform Act of 1995 by making cautionary
statements concerning any forward-looking statements made by or on
behalf of the Company. The Company cannot give any assurance that
the results forecasted in any forward-looking statement will
actually be achieved. Future results could differ materially from
those expressed, due to the impact of changes in various factors.
These risk factors include, but are not limited to: economic
conditions in the United States and other major world economies,
currency fluctuations, political instability, changes in laws and
regulations, and changes in product demand. Please refer to Item 1A
of, and Exhibit 99 to, the Company�s Annual Report on Form 10-K for
fiscal year 2007 (and most recent Form 10-Q, if applicable) for a
more comprehensive discussion of these and other risk factors.
These reports are available on the Company�s website at
www.graco.com and the Securities and Exchange Commission�s website
at www.sec.gov.
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