Graco to Buy Four Companies
Industrial pump and spray maker Graco Inc. welcomed 2015 with four international acquisitions worth $185 million, the company said Friday.
The largest of the deals, for High Pressure Equipment of Erie, Pa., was for $160 million.
That deal will give Minneapolis-based Graco a manufacturer that caters to the oil and gas industries and to factories needing high-pressure tools to cut or clean. The specialized equipment performs at pressures up to 150,000 pounds per square inch. That purchase will be completed during the first quarter.
This month, Graco said it is buying Utah-based White Knight Fluid Handling. And it said it completed buying Ontario-based GeoBlaster Equipment Sales & Services Inc. and Brazil-based Multimaq-Pistolas e Equipamentos Para Pintura Ltda. earlier last week.
Graco CEO Patrick McHale said in a statement that the four additions “support our strategic growth plans to expand into new markets and geographies, while diversifying our portfolio of precision products for critical applications.”
The acquisitions are expected to collectively add about 13 to 15 cents a share to earnings in 2015.
On Friday, Graco shares rose 17 cents to $80.35.
This article appeared in print in edition of Hamodia.
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