Danfoss To Acquire White Drive Products
By pdamon12 July 2016
The Danfoss Group has announced its intent to acquire full ownership of privately-held White Drive Products, Inc., a global manufacturer of hydraulic motors headquartered in Hopkinsville, Ken. The parties have not disclosed the purchase price or other conditions of the acquisition.
“This acquisition confirms our strategic focus on building leading positions in our core businesses,” said Niels B. Christiansen, president & CEO of Danfoss. “White Drive Products is widely recognized for their excellence in hydraulic drive products and a perfect fit for our mobile hydraulics business.
“With White Drive Products as part of our mobile hydraulics business, we stand even stronger, in particular, in North America and China. Together, we will have an even more comprehensive and competitive product offering that our customers will benefit from.”
White Drive Products, Inc. was founded in 1976 by Harvey and Hollis White, Jr., and the company has over 700 employees and reported sales of approximately $100 million in 2015. White Drive Products has manufacturing facilities in both Hopkinsville and Zhenjiang, Jiangsu, China, as well as sales and distribution offices in the U.S., China and Europe.
“Joining forces is a great step for both Danfoss and White Drive Products, and this is a unique growth opportunity for both organizations,” said says Rich Maddux, CEO, White Drive Products. “Together, we will have more capacity and investment for greater innovation, market synergies, and most importantly, growth, by using our increased manufacturing footprint to expand market share. We are proud that Danfoss has chosen to build upon Hollis White’s legacy of innovation and entrepreneurship.”
The acquisition is subject to necessary approvals by relevant agencies and is expected to be fully completed during the third quarter 2016.