Donaldson Company, a global leader in engine filtration, has announced that it has entered into a binding agreement to acquire 100% of the shares of Industrias Partmo.
Partmo is a leading manufacturer of replacement air, lube and fuel filters in Colombia.
Founded in 1963, Partmo generates annual sales of approximately $15 million. Partmo has approximately 250 employees at its main production site in Bucaramanga, Colombia.
"The acquisition of Partmo will support our strategy of continued growth in our engine filter business in South America," said Guillermo Briseo, Donaldson's Vice President for Latin America. "Partmo is a well-recognized brand of replacement filters in Colombia and other countries in the northern portion of South America. We look forward to continuing and strengthening the long-term relationships they have built with their distributors and customers."
"The Partmo business directly aligns with the priorities of our strategic growth plan by growing our replacement filter and liquid businesses, while further expanding our international business. Partmo's factory in Colombia will be Donaldson's first production site for engine liquid filters in South America," said Tod Carpenter, Donaldson's President and CEO. "I look forward to welcoming the Partmo employees to our Company."
Donaldson has entered into a binding agreement to acquire Partmo. Completion of the transaction is subject to customary regulatory approval in Colombia, and it is expected to close during the second quarter of Donaldson's fiscal year 2016. Once the transaction is complete, Donaldson will report revenue from the acquisition of Partmo in its Engine Products Segment. For more information about Donaldson, please visit the Company's Investor Relations site at IR.Donaldson.com.
The Company desires to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (the "Act") and is making this cautionary statement in connection with such safe harbor legislation. This announcement contains forward-looking statements, including, without limitation, forecasts, plans, trends, and projections relating to our business and financial performance and global economic conditions, which involve uncertainties that could materially impact results. All statements other than statements of historical fact are forward-looking statements. These statements do not guarantee future performance.
