Nilfisk-Advance Inc Acquires U.S. Products
PLYMOUTH, MN, December 21, 2006 - Nilfisk-Advance, the world's largest manufacturer and supplier of professional floor cleaning equipment, announced today that is has agreed with U.S. Products to acquire all the assets of U.S. Products' business. U.S Products is a leader in the U.S. in the professional portable carpet extraction and hard floor restoration industry. The acquisition is expected to close on January 1, 2007.
"We are very pleased to bring U.S. Products into the Nilfisk-Advance family," said Christian Cornelius-Knudsen, Nilfisk-Advance's North American President and CEO. "U.S. Products has been innovative in the carpet extraction market, which we believe strongly complements our business. We plan to grow the carpet extraction business and make U.S. Products and Coeur d'Alene the centerpiece of that growth."
Following the acquisition, U.S. Products will continue to manufacture and distribute equipment under current U.S. Products brand names at its Coeur d'Alene, Idaho, facility. It will operate under its present management as an independent company within the Nilfisk-Advance family and with its own production and sales force.
"We have no plans to consolidate operations or eliminate jobs as a result of this acquisition," Cornelius-Knudsen said. "Rather, we expect to grow the business and add jobs in Coeur d'Alene." U.S. Products currently employs 77 persons at its Coeur d'Alene facility.
"U.S. Products has had a long and valuable relationship with Nilfisk-Advance," said Doug Hauff, President and CEO of U.S. Products, who will continue to lead the company following the acquisition. "We look forward to the opportunity to be a part of the Nilfisk-Advance organization, which will enable us to significantly grow our business." The acquisition provides U.S. Products with access to capital and Nilfisk-Advance's extensive distribution capabilities in North America, Europe, and Asia Pacific.
The Nilfisk-Advance Group is a global company with North American operations headquartered in Plymouth, MN. It manufactures and distributes professional floor cleaning equipment under the brand names American Lincoln, Clarke, Kent, Euroclean American Sanders, Advance, CFM, and Nilfisk.
U.S. Products has been manufacturing carpet, drapery, and upholstery cleaning and restoration equipment for more than 25 years. The company is well known for its innovative and quality products, previously supplying Nilfisk-Advance with specific equipment for its Advance, Clarke, and Kent product lines. U.S. Products' 2006 overall net sales are expected to exceed $12 million.
Nilfisk-Advance Group
Nilfisk-Advance Group is headquartered in Denmark. With the acquisition of the Danish company, ALTO, in spring 2004, Nilfisk-Advance became the world's largest supplier of professional floor cleaning equipment. Nilfisk-Advance Group has production facilities in the U.S., Europe, and China. With its extensive network of more than 35 wholly owned sales companies and agents, Nilfisk-Advance is represented in more than 100 countries around the world. The company currently has over 3,900 employees and expects 2006 sales to exceed 720 million euros (US $940 million).
The acquisition of U.S. Products is another element in realizing Nilfisk-Advance's strategy to continue as the leading supplier of professional cleaning equipment in the global market.
