MINNEAPOLIS (May 1, 2017) – Donaldson Company, Inc. (NYSE:DCI), a global leader in the filtration industry, today announced that it has acquired Hy-Pro Corporation. Hy-Pro designs and manufactures filtration systems and replacement filters for stationary hydraulic and industrial lubrication filtration applications.
“We are excited to support Hy-Pro’s dedicated team and valued customers,” said Tom Scalf, Donaldson’s senior vice president of Engine Products. “Hy-Pro’s application expertise and filtration products improve the reliability and cost-effectiveness of their customers’ systems, often by extending the life of critical equipment and expensive fluids. Hy-Pro will continue to grow its well-known brand of stationary hydraulic and lubrication systems by leveraging Donaldson’s filtration technology, global support and strength in mobile hydraulics.”
“Hy-Pro is an excellent addition to Donaldson’s global portfolio of filtration businesses,” said Tod Carpenter, president and chief executive officer of Donaldson. “We welcome Hy-Pro’s employees and customers, and we look forward to continuing to grow the Hy-Pro business with them.”
- Tod Carpenter, President & CEO, Donaldson Company
Hy-Pro, which was founded in 1986, is based in Anderson, Indiana, and has 110 employees. Hy-Pro generates annual revenue of approximately $25 million through sales of filtration systems and replacement parts for a wide range of industries, including manufacturing, metals processing and power generation.
Donaldson completed the acquisition of Hy-Pro on May 1, 2017. For more information about Donaldson, please visit the Investor Relations site at IR.Donaldson.com.
Statements in this release regarding future events and expectations, such as forecasts, plans, trends and projections relating to the Company’s business and financial performance, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are identified by words or phrases such as “will likely result,” “are expected to,” “will continue,” “will allow,” “estimate,” “project,” “believe,” “expect,” “anticipate,” “forecast,” and similar expressions. These forward-looking statements speak only as of the date such statements are made and are subject to risks and uncertainties that could cause the Company’s results to differ materially from these statements. These factors include, but are not limited to, world economic and industrial market conditions; the Company's ability to maintain certain competitive advantages over competitors; pricing pressures; the Company's ability to protect and enforce its intellectual property rights; the Company's dependence on global operations; customer concentration in certain cyclical industries; commodity availability and pricing; the implementation of new information technology systems; information security and data breaches; foreign currency fluctuations; governmental laws and regulations; changes in tax laws, regulations and results of examinations; the Company's ability to attract and retain key personnel; changes in capital and credit markets; execution of the Company's acquisition strategy; the possibility of goodwill or intangible asset impairment; execution of restructuring plans; the Company's ability to maintain an effective system of internal control over financial reporting. These risks and uncertainties are described in Item 1A of the Company’s Annual Report on Form 10-K for the year ended July 31, 2016. The Company makes these statements as of the date of this disclosure and undertakes no obligation to update them unless otherwise required by law.
