Company joins family of strong brands - Gilbarco, Veeder-Root and Red Jacket.
GREENSBORO, NC - March 11, 2003 - Gilbarco Veeder-Root announced that Danaher Corporation completed the acquisition of Gasboy International, Inc. from the Tokheim Corporation late yesterday. Gasboy, with approximately $40 million in revenues, is a leading manufacturer and marketer of commercial electronic and mechanical petroleum dispensing systems, fleet management systems, and transfer pumps, primarily for non-retail petroleum applications.
"We are excited about the strategic fit of four of the strongest brands in the industry: Gilbarco, Veeder-Root, Red Jacket, and Gasboy" said Scott Clawson, president for Gilbarco Veeder-Root. "Together we will create additional value for our customers, including global presence, advanced technologies, financial stability, and a broad platform for products and services for both retail and commercial customers."
"We anticipate continued growth and profits from key business segments under the new stewardship of Danaher. We look forward to continuing strong relationships with distributors and supplying customers with innovative, high-quality solutions," said Michael Boone, president of Gasboy.
Gasboy will operate under the name Gasboy International LLC.
Statements in this release that are not strictly historical may be "forward-looking" statements, which involve risks and uncertainties. These include economic and currency conditions, market demand, pricing, and competitive and technological factors, among others, as set forth in the company's SEC filings.
About Gilbarco Veeder-Root
Gilbarco Veeder-Root supplies and integrates the broadest range of new and proven technologies to reduce cost of ownership, enhance environmental integrity, and improve performance and profitability for petroleum marketers and commercial fueling enterprises worldwide. Among its business lines are fuel dispensing and control; site and retail management; support services; and environmental compliance technologies.
Gilbarco Veeder-Root unites leading brands offered by Gilbarco Inc. and The Veeder-Root Company. Gilbarco is a global supplier of fuel dispensing equipment and fully integrated point of sale systems. Veeder-Root is a global supplier of automatic tank gauging, leak detection, and fuel management systems, including Red Jacket submersible pumps.
The companies have manufacturing, sales, distribution, and service locations in North and South America, Europe, Asia and the Pacific Rim. Gilbarco is headquartered in Greensboro, North Carolina USA, and Veeder-Root is headquartered in Simsbury, Connecticut USA. (www.gilbarco.com and www.veeder.com)
Gasboy offers a wide variety of fuel dispensing equipment from hand-operated pumps, to compact electric transfer pumps, to high volume 50 GPM super fuelers. A complementary line of automated fueling systems provides 24-hour unattended fueling capabilities to fleets and retail marketers. Gasboy was formerly a wholly owned subsidiary of Tokheim Corporation. The company is headquartered in Lansdale, Pennsylvania.