Graco Inc. announces today that it has acquired the Airlessco® spray painting assets of Durotech Co. Graco also announces today that it has completed the acquisition of the LubeSci™ automated lubrication assets of Lubrication Scientifics, Inc.
In 2007, the Airlessco and LubeSci businesses had combined annual sales of approximately $17 million. The aggregate purchase price for these assets is approximately $20 million. The company expects to complete the transfer of the LubeSci assets to Graco’s Anoka facility by the end of the first quarter of 2009. The Airlessco business will remain at its current location in Moorpark, California.
Graco’s President and Chief Executive Officer Patrick J. McHale said, “The Airlessco and LubeSci product lines highly complement Graco’s contractor business and industrial lubrication products. Each brand is known for its high quality and innovation. We welcome the opportunities these acquisitions create for Graco as we reinforce our unwavering commitment to technical excellence, world-class manufacturing and superior customer service. We expect that these acquisitions will be accretive to cash flows by the end of 2009.”
Graco Inc. supplies technology and expertise for the management of fluids in both industrial and commercial applications. It designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid materials. A recognized leader in its specialties, Minneapolis-based Graco serves customers around the world in the manufacturing, processing, automotive, construction and maintenance industries.