Purchase strengthens Gilbarco Veeder-Root’s India Offering.
Gilbarco Inc. has signed a definitive purchase agreement to acquire the Petroleum Dispensing Pump (PDP) business unit of India’s Larsen & Toubro Limited (L&T), pending final closing conditions. Located in Mumbai, L&T is a leading industrial conglomerate in India. The PDP business unit manufactures, sells, integrates and services petroleum dispensers, LPG equipment, and automation systems solutions.
L&T’s PDP business unit has a significant installed base of sites that spans both multi-national and regional oil companies, primarily in India. PDP enjoys strong brand recognition and valuable customer relationships.
Gilbarco Veeder-Root, wholly owned by Danaher Corporation, is the leading global supplier of integrated fuel control, site management, and support services for petroleum marketers and commercial fueling enterprises. The Gilbarco Veeder-Root group of companies employs approximately 4,000 associates, and is headquartered in Greensboro, N.C., USA.
“The acquisition of L&T’s PDP business unit, with their strong position in the India market, significantly enhances Gilbarco Veeder-Root’s position in one of the highest growth markets for our products and systems,” said Martin Gafinowitz, President, Gilbarco Veeder-Root. “The acquisition is a continuation of our successful strategy of building a thorough local presence in key markets; our customers benefit from the best technology combined with an ability to meet local market requirements and provide excellent service and support. L&T’s talented team will contribute significantly in all of these areas.”
R N Mukhija, President (Operations) and Member of the L&T Board noted, “Gilbarco Veeder-Root’s brand, product breadth and global presence, combined with PDP’s excellent team, products and manufacturing capability, will be very valuable to the retail fuel customers in this market.”
“The acquisition is a reaffirmation of Danaher's interest in India and of our commitment for long term growth, said Jai Shankar, India President, Danaher Corporation. “PDP will be joining the fourteen other Danaher companies in India, and we welcome these associates to the fold.”
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PDP will become part of Gilbarco Veeder-Root’s organization, in a new division called Gilbarco Veeder-Root India Private Ltd. All business will be conducted under the Gilbarco name. Sudhanshu Chhabra will become managing director for all of Gilbarco’s India business. The division will continue to operate from their existing facilities in Mumbai and Coimbatore, India.
About Gilbarco Veeder-Root
Gilbarco Veeder-Root is the leading global supplier of integrated fuel control, site management, and support services for petroleum marketers and commercial fueling enterprises. Products include dispensers, payment systems, tank gauges, submersible pumps, point of sale systems, and remote monitoring of site functionality. The Gilbarco Veeder-Root group of companies employs approximately 4,000 associates and is headquartered in Greensboro, N.C., with manufacturing and research and development centers around the world.
About L&T
Larsen & Toubro is a USD 8.5 billion technology, engineering and construction group, with global operations. It is one of the largest and most respected companies in India’s private sector. A strong, customer –focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business over seven decades.
About Danaher
Danaher (NYSE:DHR), based in Washington. D.C., is a diversified technology leader that designs, manufactures, and markets innovative products and services to professional, medical, industrial, and commercial customers. Our portfolio of premier brands is among the most highly recognized in each of the markets we serve. Driven by a foundation provided by the Danaher Business System, our 50,000 associates serve customers in more than 125 countries and generated $12.7 billion of revenue in 2008. For more information please visit our website: www.danaher.com.
Statements in this document that are not strictly historical, including statements regarding the proposed acquisition, future financial and operating results, benefits and synergies of the transaction, future opportunities for the combined company and any other statements about managements’ future expectations, beliefs, goals, plans or prospects, may constitute forward looking statements. These are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These factors include, among other things: general economic conditions and conditions affecting the served industry; the uncertainty of regulatory approvals; the parties’ ability to satisfy the closing conditions and consummate the transactions; Gilbarco’s ability to successfully integrate the PDP business with Gilbarco’s existing businesses; and the ability to realize anticipated growth, synergies and cost savings. Additional information regarding factors that may cause actual results to differ materially from these forward-looking statements is available in Danaher’s SEC filings, including Danaher’s 2008 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarter ended October 2, 2009. These forward-looking statements speak only as of the date of this release and Danaher does not assume any obligation to update any forward-looking statement.