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Roper Industries, Inc. (NYSE:ROP) announced that it has completed its acquisition of the previously announced but unnamed Hansen Technologies Corporation ("Hansen"). Hansen, headquartered in Burr Ridge, Illinois, with additional facilities in Orlando, Florida, is an industry leader in the supply of shut-off and control valves, auto-purgers and hermetic pumps to the commercial refrigeration industry. Hansen's products are highly complementary to Cornell Pump's refrigeration pumps, and Amot Control's refrigeration valves.
Hansen, with approximately $29 million in trailing twelve month revenues was acquired for approximately $36 million in net cash, or approximately six times its expected first-year EBITDA. Hansen will be reported in the Industrial Controls segment.
The Company also provided an update on Compressor Controls' ("CCC") business with RAO Gazprom ("Gazprom"), the Russian gas company, and CCC's other business opportunities in the Commonwealth of Independent States ("CIS") region. CCC sales to Gazprom are expected to be $34 million in fiscal year 2000, down 3% from the $35 million recorded in 1999. Gazprom sales are expected to increase to a range of $36 - 38 million in fiscal year 2001, up 6 - 12% over fiscal year 2000.
CCC's additional sales in the CIS region are expected to be $6.2 million in fiscal year 2000, up 29% from $4.8 million in fiscal 1999. The Company estimates that sales in the CIS region for fiscal year 2001 will increase to a range of $7 - 9 million, or 13 - 45% over fiscal 2000.
Roper Industries, Inc. is an international manufacturer of analytical instrumentation, industrial controls and fluid handling products.