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EX-99.1 - EX-99.1 - KAYDON CORP | k50134exv99w1.htm |
8-K - FORM 8-K - KAYDON CORP | k50134e8vk.htm |
Exhibit 99.2
News From:
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For Immediate Release | |
Kaydon Corporation
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Global Engineered Solutions |
KAYDON CORPORATION ENTERS INTO AGREEMENT
TO ACQUIRE HAHN-GASFEDERN GMBH
TO ACQUIRE HAHN-GASFEDERN GMBH
Ann Arbor, Michigan 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, manufactures 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 Kaydons 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 OLeary stated, We are excited to expand
our Velocity Control Products segment with the acquisition of HAHN, a recognized leader in the high
quality industrial gas springs 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.
About Kaydon
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 electronic equipment, and aftermarket customers.
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This press release contains forward-looking statements within the meaning of the Securities
Exchange Act of 1934 regarding the Companys plans, expectations, estimates and beliefs.
Forward-looking statements are typically identified by words such as believes, anticipates,
estimates, expects, intends, will, may, should, could, potential, projects,
approximately, and other similar expressions. These forward-looking statements may include,
among other things, projections of the Companys financial performance, anticipated growth,
characterization of and the Companys ability to control contingent liabilities, expectations
regarding acquired businesses and anticipated trends in the Companys businesses. These statements
are only predictions, based on the Companys current expectation about future events. Although the
Company believes the expectations reflected in the forward-looking statements are reasonable, it
cannot guarantee future results, performance or achievements or that predictions or current
expectations will be accurate. These forward-looking statements involve risks and uncertainties
that could cause the Companys actual results, performance or achievements to differ materially
from those expressed or implied by the forward-looking statements.
In addition, the Company or persons acting on its behalf may from time to time publish or
communicate other items that could also be construed to be forward-looking statements. Statements
of this sort are or will be based on the Companys estimates, assumptions, and projections and are
subject to risks and uncertainties that could cause actual results to differ materially from those
included in the forward-looking statements. Kaydon does not undertake any responsibility to update
its forward-looking statements or risk factors to reflect future events or circumstances.
Contact: |
James OLeary President and Chief Executive Officer (734) 680-2025 Peter C. DeChants Senior Vice President and Chief Financial Officer (734) 680-2009 |
READ IT ON THE WEB http://www.kaydon.com |
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