Sale Complete, Ex-Bucyrus Head To Lead Gardner Denver
On the same day Gardner Denver Inc. and Kohlberg Kravis Roberts & Co. L.P. announced the completion of the KKR’s acquisition of all outstanding shares of Gardner Denver for approximately $3.9 billion, the company also announced the appointment of former Bucyrus International CEO Timothy W. Sullivan as president & chief executive officer of Gardner Denver, effective immediately.
The company also announced that Michael M. Larsen, who had led Gardner Denver through the acquisition period, has transitioned to the role of interim vice president & chief financial officer, effective immediately.
Sullivan, 60, spent 35 years at Bucyrus International Inc., a global manufacturer of mining machinery, most recently serving as CEO and a board member until its sale to Caterpillar Inc. for $8.8 billion in July 2011.
“We are excited about taking this next step in the evolution of Gardner Denver,” said Pete Stavros, a member of KKR and head of the firm’s Industrials investment team. “Tim’s 35-year track record speaks for itself and his experience will be invaluable in accelerating the operating initiatives already underway.”
With 2012 revenues of approximately $2.4 billion, Gardner Denver is a global supplier of engineered products including compressors, liquid ring pumps and blowers for various industrial, environmental, transportation and process applications, as well as pumps used in petroleum and industrial market segments. As a result of the completion of the transaction, Gardner Denver common stock will no longer be listed for trading on the New York Stock Exchange.