Cleaning & Restoration Breaking News

Gardner Denver to Buy Thomas

March 9, 2005
/ Print / Reprints /
/ Text Size+
NEW YORK (Reuters) - Gardner Denver Inc. will buy Thomas Industries Inc. for $734 million to expand its line of pumps and compressors, the companies said on Wednesday.

Gardner Denver will pay $40 a share for Thomas, whose stock closed at $39.92 on Tuesday on the New York Stock Exchange.

Including the assumption of Thomas' long-term capitalized lease obligations, and net of cash and short-term investments on Thomas' balance sheet, the deal is worth $476.4 million, Gardner said.

Thomas will become a subsidiary of Gardner. The deal, already approved by the companies' boards of directors, is expected to close this year.

Gardner Denver said it has received a debt commitment from Bear, Stearns & Co. and JP Morgan Chase Bank to fully finance the acquisition.

It said it plans to finance the deal through an amended and expanded senior secured bank facility and a public offering of about $200 million in stock. It said it may also tap the debt market.

The deal is expected to add to Gardner Denver's diluted earnings per share within 12 months of closing, after taking into account the proposed equity and debt financing and expected cost savings.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.


Have a limited marketing budget but realize the importance of neighborhood marketing? Try doorknob hangers, a low-cost, yet highly effective way to drum up more business. In this episode, John Braun discusses the value of this tactic as well as what you should include on the materials you're hanging.
More Podcasts

ICS Cleaning Specialist Magazine


2014 September

The September issue of ICS features stories on moisture detection, disinfectant services, neighborhood marketing, then we discuss the last level of being phenomenal, and cool products.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive


Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.pngcrc logo