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Flowserve Announces Agreement to Acquire SIHI Group
Irving TX, USA - Nov. 14, 2014
Flowserve Corporation (NYSE:FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today that it has submitted a binding offer to acquire the equity of SIHI Group B.V., a global provider of engineered vacuum and fluid pumps and related services, from TBG Europe NV for consideration of approximately €298 million ($372.5 million equivalent 1). Closing is subject to standard regulatory approvals and other customary conditions. The relevant work councils of SIHI and other employee representative bodies will also be consulted prior to formal agreement. Flowserve anticipates funding the transaction with cash on hand and debt, with closing expected to occur early in first quarter of 2015.
SIHI Group, based in the Netherlands, and its subsidiaries (“SIHI”) provides engineered vacuum and fluid pumps, with associated aftermarket parts and services, primarily serving the chemical market, as well as the pharmaceutical, food & beverage and other process industries. SIHI has operations across Europe, the Americas and Asia. SIHI anticipates FY2014 sales of approximately €280 million ($350 million 1) with EBITDA of approximately €30 million ($37.5 million1) and gross margins approaching 30 percent. Including anticipated synergies, expected to be achieved in full on an annual basis beginning in 2017, the transaction economics indicate a multiple of less than 7x EBITDA. With anticipated growth and synergies, Flowserve expects to double SIHI’s EBITDA by 2017 as well as support IPD’s target margins of 14-15%, following the impact of non-cash purchase price accounting, as well as transaction, integration and optimization expenses.
“We are excited about the acquisition of SIHI, which is consistent with Flowserve's ongoing growth strategy to add complementary assets to our portfolio and then accelerate their growth and leverage our operating platform,” said Mark Blinn, president and chief executive officer of Flowserve. “The expected combination of SIHI’s solid installed base, with its leading position as a supplier of vacuum and fluid pumps, ability to enhance our chemical ISO pump strategy, engineering and manufacturing experience, strong gross margin profile, opportunity to leverage increased scale and both revenue and financial synergy potential make SIHI a natural fit for Flowserve that exceeds our disciplined financial requirements which drives solid long-term value for our shareholders.”
(1) = utilizing a 1.25 foreign currency exchange rate
Additional information on this transaction, can also be accessed at www.flowserve.com under the Investor Relations section.
Pfeiffer vacuum Welcomes 2014 Röntgen Prize Winner
Asslar, Germany - Nov. 21, 2014
This year, the Justus Liebig University Giessen is awarding its Röntgen Prize to Prof. Dr. Jörg Evers. The Röntgen Prize is awarded each year for outstanding work on basic research into radiation physics and radiation biology. Named in memory of Wilhelm Conrad Röntgen, who was a professor in Giessen from 1879 to 1888, the award primarily targets the work of young scientists. The prize is donated by Pfeiffer vacuum, the Dr. Erich Pfeiffer Foundation and the Ludwig Schunk Foundation.
This year's winner, Prof. Dr. Evers, is currently a team leader at the Max-Planck Institute of Nuclear Physics in Heidelberg. He is receiving the award for his theoretical prediction of potential realization of the coherent superposition of quantum states in atoms. This prediction was confirmed in an experiment conducted on the PETRA III storage ring at DESY in Hamburg. Petra III offers scientists excellent experimental facilities with its powerful light source. The attempt was realized on thin-layer preparations, with a 0.6 nm thin layer of iron cores between layers of carbon and palladium. The experiment included the use of Mössbauer spectroscopy, which was awarded the Röntgen and the Nobel prize in 1961.
Pfeiffer vacuum GmbH - www.pfeiffer-vacuum.com - Asslar, Germany
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