Graco Acquires Lubriquip, Inc.
biz.yahoo.com
Tuesday July 11, 9:00 am ET
MINNEAPOLIS--(BUSINESS WIRE)--July 11, 2006--Graco Inc. (NYSE:GGGs) announced today that it has purchased, from IDEX Corporation (NYSE:IEX ), the stock of Lubriquip, Inc. based in Warrensville Heights, Ohio. Lubriquip will become part of Graco's Lubrication Equipment Division and had 2005 sales of approximately $30 million.
Lubriquip is a leading manufacturer of centralized and automated oil and grease lubrication systems, force-feed lubricators, metering devices and related electronic controls and accessories. The company serves diverse applications in machine tools, transfer machines, conveyors, packaging machinery, transportation equipment, construction machinery, mobile on-road vehicles, rail applications, food processing and paper machinery. The Company's products are vital for prolonging equipment life, reducing maintenance costs and increasing the productivity of very expensive, performance critical customer equipment.
Graco's Chairman, President and Chief Executive Officer David Roberts said, "The acquisition of Lubriquip establishes a strong presence for Graco in industrial lubrication end markets. Both Graco and Lubriquip have long histories of designing, manufacturing, marketing and selling lubrication equipment and we will leverage the combined skills of both companies to benefit our customers, channel partners and shareholders." |
