Lindsay Corporation (NYSE: LNN), a leading provider of irrigation systems and infrastructure products, announced today that it has completed the acquisition of Claude Laval Corporation, also known as LAKOS® Separators and Filtration Solutions, in a stock purchase transaction. As a privately-held company based in Fresno, California, LAKOS has operated for over 40 years, providing filtration solutions for groundwater, agriculture, industrial and heat transfer markets, worldwide. LAKOS operates from a 100,000+ square foot facility in Fresno with approximately 125 employees, and has annual revenues between $25 and $30 Million.
"Lindsay is excited to announce the acquisition of LAKOS," stated Rick Parod, Lindsay's president and chief executive officer. "This represents a key strategic addition to the Lindsay Corporation portfolio of companies and is an important expansion of our 'water use efficiencies' capabilities. LAKOS type separators are used in water-supply projects we are involved in today and can be integrated with Lindsay's Watertronics® pump stations. Additionally, their media tank filters are used in irrigation applications, recognized for their quality, throughout the world."
Parod continued, "While there is a very direct synergy between LAKOS filtration solutions and our water and irrigation markets, we view this acquisition as a strategic move to expand our position in the growing industrial and heat transfer markets. With Lindsay's capabilities and financial strength, we are well-positioned to support LAKOS' continued growth in those important markets. We are pleased to welcome the management team and employees of LAKOS to the Lindsay family. We expect the acquisition to be accretive in fiscal 2014."
About the Company
Lindsay manufactures and markets irrigation equipment primarily used in agricultural markets which increase or stabilize crop production while conserving water, energy, and labor. The Company also manufactures and markets infrastructure and road safety products under the Lindsay Transportation Solutions trade name. At June 25, 2013 Lindsay had approximately 12.9 million shares outstanding, which are traded on the New York Stock Exchange under the symbol LNN.
For more information regarding Lindsay Corporation, see the Company's Web site at www.lindsay.com. Concerning Forward-looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, company performance and financial results. You can find a discussion of many of these risks and uncertainties in the annual, quarterly and current reports that the Company files with the Securities and Exchange Commission. Forward-looking statements include information concerning possible or assumed future results of operations of the Company and those statements preceded by, followed by or including the words "anticipate," "estimate," "believe," "intend," "expect," "outlook," "could," "may," "should," "will," or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.The Company undertakes no obligation to update any forward-looking information contained in this press release.> Download PDF