Donaldson Company Inc. has entered into a definitive agreement to acquire 88 percent of BOFA Americas and International for approximately £79 million ($102.7 million). Under the terms of the agreement, BOFA will run as an autonomous company alongside Donaldson’s other business partners. The deal was closed on September 11th.
According to John Podwojski, general manager of BOFA Americas, a discussion was initiated early this year with point-blank negotiations taking place within the last three months. He also informs A&E that no major changes are expected going forward. “The company will run exactly like it is. People won’t notice any changes, and it will be business as usual.”
Although there may be some challenges integrating and “developing synergies” between the two companies, Podwojski explains, “There will be a plan put into place for Donaldson companies and BOFA to take advantage of the strengths of both companies to make each side more efficient and (more adept) to take care of customers in a better way.”
“We are excited to leverage BOFA’s high-quality products and strong customer relationships to expand into new industrial air filtration markets and applications,” says Jeff Spethmann, senior vice president of Donaldson’s industrial products segment. “With Donaldson’s expertise in filtration technologies and global manufacturing and distribution footprint, we plan to further accelerate BOFA’s global growth and add additional filtration technology to BOFA’s products.”
Also commenting on this agreement is Tod Carpenter, chairman, president, and chief executive officer of Donaldson. “BOFA’s fume collection business will be an excellent complement to our global portfolio of filtration businesses,” he says. “The acquisition of BOFA aligns well with our strategy by growing our industrial air filtration business and diversifying our company through technology-led filtration solutions. I look forward to welcoming BOFA’s employees and customers to Donaldson Company and supporting the BOFA team as they continue to grow their business.”
Podwojski agrees, adding that, “This acquisition is due to the successful history of BOFA as a whole and because of the employees that have made us such a successful company over the years. I look forward to the further development of our company and to be able to tap into the resources of Donaldson.”
For more information, visit www.donaldson.com.