Oilgear To Be Purchased By Private Equity Group
Following completion of the sale, Richard Armbrust will serve as president of Oilgear. Armbrust has served for the past 15 years as chief executive officer or division president for a variety of companies including ABB Inc. and Invensys PLC. The proposed acquisition is expected to be completed by the end of 2006, subject to approval by Oilgear shareholders. Oilgear's board of directors unanimously approved the merger agreement, and its directors and executive officers have each indicated they intend to vote in favor of the merger.
"The challenges of being a public company of our size have made it increasingly difficult for us to achieve our growth potential in today's very competitive global fluid power marketplace," said David Zuege, Oilgear's president and CEO.