Met-Pro Corporation's Fybroc Division Enters Into Key Distribution Agreement with ITT Goulds Pumps
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Harleysville, PA, September 27 - Raymond J. De Hont, Chairman and Chief Executive Officer of Met-Pro Corporation (NYSE:MPR), announced today that the Company's Fybroc Division, the leading manufacturer of non-metallic fiberglass reinforced plastic ("FRP") centrifugal pump technology, has entered into an agreement with the leading supplier of centrifugal pumps to the industrial process markets, Goulds Pumps, Inc., an ITT Industries (NYSE: ITT) subsidiary. Under the terms of this agreement, Goulds Pumps will act as a key distributor of Fybroc's line of FRP horizontal and vertical centrifugal pump products. The agreement is global in geography and valid across all markets, with the exception of some specifically stated exclusions. It augments Fybroc's existing global distribution network and does not present any significant competitive barriers to Fybroc's existing sales force.
Fybroc will benefit significantly from this agreement as the Goulds Pumps sales network will provide opportunities to Fybroc in markets where Fybroc's participation was previously limited. Goulds Pumps will also substantially benefit from this agreement. The more extensive and competitive non-metallic FRP Fybroc product line will provide Goulds Pumps with advantages against its key competitors that do not exist today with the current Goulds FRP product line. As part of this agreement, Goulds Pumps will discontinue the manufacture of its FRP horizontal and vertical centrifugal pumps, but will maintain its commitment to supply spare parts and service to its existing product population.
In the coming months, marketing teams from Fybroc and Goulds Pumps will be working closely together to develop product packages for distribution to the Goulds Pumps global sales network. A formal product release to the Goulds global sales network is targeted for October of this year.
"The combination of Fybroc, the leading manufacturer of non-metallic fiberglass reinforced plastic centrifugal pump technology, and Goulds Pumps, the leading supplier of centrifugal pumps to the industrial process markets, is a formidable alliance that will undoubtedly strengthen both companies' positions in the non-metallic centrifugal pump market," stated De Hont. "We are committed to making this new relationship between Fybroc and Goulds Pumps a success not only for both companies, but for all of our business partners as well. We look forward to a long and rewarding relationship."
About Met-Pro
Met-Pro Corporation, Harleysville, Pennsylvania, manufactures and sells product recovery and pollution control equipment for purification of air and liquids and fluid handling equipment for corrosive, abrasive and high temperature liquids. With ten divisions and six wholly-owned subsidiaries, the company, established in 1966, provides products to residential, commercial, industrial and municipal markets that include, but are not limited to, pharmaceuticals, chemicals, petrochemicals, water and aquariums. For more information, please visit www.met-pro.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release, and other materials filed or to be filed with the Securities and Exchange Commission (as well as information included in oral or other written statements made or to be made by the Company) contain statements that are forward-looking. Such statements may relate to plans for future expansion, business development activities, capital spending, financing, the effects of regulation and competition, or anticipated sales or earnings results. Such information involves risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company. These risks and uncertainties include, but are not limited to, those relating to, the cancellation or delay of purchase orders and shipments, product development activities, computer systems implementation, dependence on existing management, the continuation of effective cost and quality control measures, retention of customers, global economic and market conditions, and changes in federal or state laws.
Met-Pro common shares are traded on the New York Stock Exchange, Symbol MPR.
To obtain an Annual Report or additional information on the Company, please call 215-723-6751 and ask for the Investor Relations Department, or visit the Company's website at www.met-pro.com.
