The transaction is expected to close during the fourth quarter of 2005, subject to regulatory approval. The companies are currently responding to a second request from the US Department of Justice for additional information on certain product lines.
The businesses being acquired serve customers in the worldwide oil and gas production, pipeline and process markets, and their product offerings include ball valves, check valves, actuators, gate valves and plug valves. Product brands include Grove, TK and Wheatley.
The businesses being acquired have facilities in Italy, Canada, Germany, the Netherlands, the United Kingdom, Brazil and the United States.
Revenues for the acquired businesses were approximately $400 million in 2004 and are expected to increase to approximately $480 million in 2005.