Provides complementary product portfolio and expands Tennant Global
footprint
MINNEAPOLIS--(BUSINESS WIRE)--
Tennant Company (NYSE: TNC), a world leader in designing, manufacturing
and marketing of solutions that help create a cleaner, safer, healthier
world, today announced that it has completed the acquisition of Gaomei
Cleaning Equipment Company. Gaomei is based in Hefei, China, and is a
recognized leader in the development and production of small- to
mid-sized cleaning equipment and solutions for commercial and industrial
applications.
The Gaomei acquisition represents another step toward global
diversification of revenue for Tennant Company as the majority of
Gaomei’s revenue is generated inside China. The Gaomei acquisition
aligns with Tennant’s growth strategies for China, expands Tennant’s
local China manufacturing footprint providing additional scale to
compete, and enhances profitability. Gaomei also adds another strong
brand to Tennant’s global brand portfolio following Tennant’s
acquisition of European-based IPC Group in 2017.
Commented Pat Schottler, Tennant Company Vice President, Asia Pacific
(APAC): “Our acquisition of Gaomei will help Tennant further strengthen
our market position in China through a highly complementary product
portfolio and differentiated go-to-market strategy. We are excited about
our combined potential in this strategically important market. We look
to build on the 21-year legacy Gaomei has established as a recognized
leader in the Chinese market.”
Gaomei will continue to operate and compete independently. The company
will remain focused on building the Gaomei brand, advancing its
innovative product portfolio, and growing market presence.
“We are extremely excited about the opportunities this agreement creates
for Gaomei and Tennant, including the ability to access a broader range
of resources to accelerate our strategies. We believe this is an
excellent opportunity for all our channel partners, as well, and look
forward to working together to grow our businesses,” said Mr. Chen
Guobao, Gaomei General Manager.
The acquisition was closed January 4, 2019; terms of the deal were not
disclosed.
Tennant Company Profile
Minneapolis-based Tennant Company (TNC) is a world leader in designing,
manufacturing and marketing solutions that empower customers to achieve
quality cleaning performance, significantly 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; and coatings for protecting, repairing and upgrading
surfaces. Tennant's global field service network is the most extensive
in the industry. Tennant has manufacturing operations in Minneapolis,
MN; Holland, MI; Louisville, KY; Chicago, IL; Uden, The Netherlands; São
Paulo, Brazil; and Shanghai, China; and sells products directly in 15
countries and through distributors in more than 80 countries. For more
information, visit www.tennantco.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.
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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190113005003/en/
Investor Contact:
Keith Woodward
Senior Vice President and
Chief Financial Officer
keith.woodward@tennantco.com
763-540-1205
Media Contact:
Kathryn Lovik
Global Communications Director
kathryn.lovik@tennantco.com
763-540-1212
Source: Tennant Company