Tennant Company Announces Agreement to Acquire Gaomei Cleaning Equipment Company
MINNEAPOLIS--(BUSINESS WIRE)--Sep 24, 2018--Tennant Company (NYSE: TNC), a world leader in designing, manufacturing and marketing solutions that help create a cleaner, safer world, today announced that it has signed a definitive agreement to acquire Gaomei Cleaning Equipment Company, a privately held designer and manufacturer of commercial cleaning solutions based in China.
Gaomei, a family-run business, offers a range of cleaning machines and equipment, including single disc scrubbing machines, vacuum cleaners, carpet extractors, blowers, high-pressure washers, sweepers, and floor scrubbers. The company, founded in 1997, has been a recognized leader in the research and development and production of small- to mid-sized cleaning solutions for commercial and industrial applications.
Commented Pat Schottler, Tennant Company Vice President, APAC: “Acquiring Gaomei is a strategic move that aligns with our growth aspirations in the China market. Over the last 21 years, Gaomei has consistently demonstrated an ability to grow and distinguish its brand in China. The acquisition will enable Gaomei and Tennant to further strengthen our position in the region by offering highly complementary product portfolios and differentiated go-to-market approaches.”
Gaomei will continue to operate and compete independently. The company will remain focused on building their brand, advancing their innovative product portfolio, and growing their market presence. “This is a win-win for Gaomei and Tennant as well as our partners, customers, and employees! We are confident that our collaboration with Tennant will help us expand our capabilities and grow the Gaomei brand,” said Mr. Chen Guobao, Gaomei General Manager. “We are very excited about the future and the possibilities ahead of us working together with Tennant Company,” he added.
Said Schottler: “We welcome Gaomei as part of Tennant Company’s multi-brand portfolio. Gaomei is an established leader in the mid-tier market with a strong management team and we are excited about our combined potential.”
Tennant expects the acquisition to be completed in the 2018 fourth quarter.
About Hefei GAOMEI Cleaning Equipment Company, Ltd. Hefei GAOMEI Cleaning Equipment Company, Ltd., established in 1997, is a renowned professional cleaning equipment manufacturer with import and export rights. GAOMEI manufactures cleaning machines, including multi-functional single disc scrubbing machines, foaming tanks, vacuum cleaners, wet & dry cleaners, carpet extractors, blowers, high-pressure washers and floor scrubbers for commercial and industrial markets. GAOMEI’S professional cleaning equipment is sold in Southeast Asia, Australia, South Asia, Eastern Asia, Europe, the Middle East, and the Americas. For more information, visit http://www.gaomei.cn.
About Tennant Company Founded in 1870, Tennant Company (TNC), headquartered in Minneapolis, Minnesota, is a world leader in designing, manufacturing and marketing solutions that empower customers to achieve quality cleaning performance, reduce their environmental impact and help create a cleaner, safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments; detergent-free and other sustainable cleaning technologies; cleaning tools and supplies; and coatings for protecting, repairing and upgrading surfaces. Tennant’s global field service network is the most extensive in the industry. Tennant Company had sales of $1.0 billion in 2017 and has approximately 4,300 employees. Tennant has manufacturing operations throughout the world; and sells products directly in 15 countries and through distributors in more than 100 countries. For more information, visit www.tennantco.com and www.ipcworldwide.com. The Tennant Company logo and other trademarks designated with the symbol “®” are trademarks of Tennant Company registered in the United States and/or other countries.
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CONTACT: Tennant Company
Tom Paulson, 763-540-1204
Senior Vice President and Chief Financial Officer
Kathryn Lovik, 763-540-1212
Global Communications Director
KEYWORD: UNITED STATES NORTH AMERICA MINNESOTA
INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS
SOURCE: Tennant Company
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PUB: 09/24/2018 08:00 PM/DISC: 09/24/2018 08:01 PM