Graco Enters into a Definitive Agreement to Acquire Cohesant Technologies' Glascraft Subsidiary
MINNEAPOLIS, MN (December 3, 2007) - Graco Inc. (NYSE: GGG) announced today that it has entered into a definitive agreement to acquire Cohesant Technologies' (NASDAQ: COHT) GlasCraft Inc. ("GlasCraft") subsidiary for $35 million, which amount includes certain assumed debt and transaction costs. The acquisition will be accomplished through a merger with GlasCraft's parent entity, Cohesant Technologies Inc., and a spin off of all non-GlasCraft business operations. The acquisition, which is expected to be completed in the first quarter of 2008, is subject to customary closing conditions including the approval of Cohesant Technologies' stockholders. GlasCraft developed the first spray system for the Composites manufacturing industry nearly 45 years ago and today manufactures and sells industry-leading solutions for both open and closed-mold applications. GlasCraft also designs, manufactures and sells high performance dispense systems for the polyurethane foam and polyurea coatings industries.
Graco's President and Chief Executive Officer Patrick J. McHale said, "GlasCraft is a well respected company we have been interested in acquiring for several years. The company has approximately 70 employees and annual sales of approximately $18 million. The company is recognized for its presence in the global composites market as well as the polyurethane foam and polyurea coatings markets. GlasCraft's products, brands and engineering capabilities highly complement Graco's core businesses, creating an opportunity to leverage each company's unique strengths and create future sales and net earnings growth."
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, construction and maintenance industries. For additional information about Graco Inc., please visit us at www.graco.com.
FOR FURTHER INFORMATION:
Mark W. Sheahan
Graco Inc.
612-623-6656
msheahan@graco.com
