Investor Relations| P & F INDUSTRIES, INC. ACQUIRES GREEN MANUFACTURING, INC.
Harriet Fried/Klea Theoharis
email@example.com or www.lhai.com
P & F INDUSTRIES, INC. ACQUIRES GREEN MANUFACTURING, INC.
TRANSACTION EXPECTED TO BE IMMEDIATELY ACCRETIVE TO EARNINGS
Green Manufacturing has marketed hydraulic cylinders to manufacturers of towing equipment, waste/compacting equipment, lifts and construction equipment such as Champion Carrier, Terex and Miller Industries/Tenn., for over 30 years. During 1997 the Company reported sales of $18 million and has been growing an average of 15% over the last 10 years.
Richard A. Horowitz, Chairman, President and CEO of P&F said, "This acquisition is precisely the type of transaction we have been targeting. We previously disclosed that our strategy is to continue to seek acquisitions that are either additive to our existing product lines or could add a new core industry that could benefit from P&F's skill set. Green Manufacturing has a long, profitable history of growing sales in a business complementary to our own pneumatic tools segment, and provides us with a strategic position in the $1 billion fluid power industry. With this transaction we will be adding $20 million to our revenues, and an increased earnings flow with a minimal impact to our strong balance sheet."
Mr. Horowitz continued, "We are gaining a very experienced management team led by Dan Craig and approximately 200 employees who will help us increase market share in the hydraulic cylinders industry. When you consider the strong industry trends, Green's solid customer base and company's expertise in manufacturing and management, we are confident that this will add up to a winning combination."
P & F Industries, Inc., through its three wholly owned subsidiaries, Florida Pneumatic, Embassy Industries and Green Manufacturing, manufactures and/or imports air-powered tools, hydraulic cylinders, baseboard and radiant heating products. The Company also imports various security hardware items and compressor air filters, markets a line of pipe-cutting and threading tools and makes heavy-duty pipe wrenches. P&F's products are sold under their own trademarks as well as under the private labels of major manufacturers and retailers.
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