PLAINVILLE, Conn.--(BUSINESS WIRE)--May 10, 2002--GE IndustrialSystems, a division of the General Electric Company (NYSE:GE), announced today that it has agreed to acquire Druck Holdings plc (LSE: DRK).
Established in 1972, Druck is a world leader in the application of advanced silicon sensor technologies for pressure measurement and control. The new entity will remain known as Druck. The transaction, which is subject to government approvals and other customary conditions, is expected to close by the end of June.
Druck is a specialized UK based manufacturer of precision pressure sensors and instrumentation with subsidiaries throughout America, Europe and the Far East. The product range includes pressure sensors, primary & secondary pressure standards, field calibrators and aviation ground support equipment. These products are used in various markets throughout the world including: Aerospace, Defense, Gas, Industrial, Marine, Petrochemical, Power Generation, Transportation and Water.
Annual revenues are approximately US $110M The Druck acquisition demonstrates again our commitment to expanding our offerings with innovative, leading edge technologies that customers demand, much as we did with the acquisition of the Sensing Solutions Group from Spirent plc, said Lloyd G. Trotter, president and CEO of GE Industrial Systems. Druck fits perfectly into our growth strategy for our measurement and sensing technologies group and allows us to offer a more complete line of products.
Druck products are sold worldwide in over 80 countries to practically every major industrial sector, through an extensive network of Group subsidiary companies. From military aircraft to subsea oil applications, Formula 1 racing to industrial manufacturing, Druck products play a vital role in the world of pressure.
I am delighted that we have reached agreement with GE for the recommended offers, said John Salmon, Chairman of Druck. In considering the approach from GE, the board concluded that the interests of Druck shareholders, its employees, and its customers would be best served by combining Druck with a company that would provide Druck with greater resources and market access in the industry. Your board looks forward to Druck continuing to flourish under GE's parentage.
About GE Industrial Systems
GE Industrial Systems spans the globe as an industry leader in single, integrated industrial equipment, systems and services. The business brings to customers the latest technological products used to distribute, protect and control electrical power and equipment, and provides innovative product and service solutions for commercial, industrial, residential and utility applications. For more information
visit the website at www.GEindustrial.com
About Druck plc
Druck is a specialist British based manufacturer of precision measuring and test equipment with subsidiaries throughout America, Europe and the Far East. The products range includes Pressure Sensors, Portable Calibrators, Calibration Standards and Air Data Test Systems.
Established in 1972, Druck is a world leader in the application of advanced silicon senor technologies for pressure measurement and control. Further information about Druck can be found at www.druck.com
Druck Holdings plc is listed on the London Stock Exchange (ticker: DRK).
Druck and the Druck logo are trademarks of Druck Holdings plc. All rights reserved.
THIS NEWS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS. THE FOLLOWING FACTORS, AMONG OTHERS, COULD CAUSE THE ACTUAL RESULTS OF THE ACQUISITION TO DIFFER MATERIALLY FROM GE INDUSTRIAL SYSTEM'S EXPECTATIONS: THE ABILITY TO TIMELY AND FULLY REALIZE THE EXPECTED COST SAVINGS AND REVENUES; COMPETITION; CHANGES IN ECONOMIC CONDITIONS.
GE INDUSTRIAL SYSTEMS DOES NOT ASSUME ANY DUTY TO UPDATE FORWARD-LOOKING STATEMENTS. SUCH STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY. SUCH STATEMENTS ARE BASED ON INFORMATION AVAILABLE AS OF THE DATE HEREOF, AND ARE MADE ONLY AS OF THE DATE HEREOF.
TO THE EXTENT THAT SUCH STATEMENTS RELATE TO THE PROPOSED ACQUISITION REFERRED TO IN THIS RELEASE, THERE IS A RISK, AMONG OTHERS, THAT THE TRANSACTION MIGHT NOT BE COMPLETED.
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CONTACT: GE Industrial Systems
Anne Witkavitch
Manager - Communications & Public Affairs
Tel: 860-747-7461
Fax: 860-747-7393
Email: [email protected]
OR
Druck Holdings plc
Charles Ponsonby
Tel: 0116 231 7100