Flow International Completes Avure Technologies Sale
02 November 2005 - 11:07AM
PR Newswire (US)
KENT, Wash., Nov. 1 /PRNewswire-FirstCall/ -- Flow International
Corporation (NASDAQ:FLOWE), the world's leading supplier of
ultrahigh- pressure waterjet products, today announced that it has
completed the divestiture of its General Press operations, which
consist of the North America Press and the International Press
segments, as well as the non- ultrahigh-pressure portion of its
food business, which is included in Avure's Fresher Under
Pressure(R) food segment. The businesses have been acquired by an
affiliate of Gores Technology Group, LLC, a Los Angeles-based
private equity firm. As part of the previously announced agreement,
FLOW entered into a supply agreement with the Gores affiliate to
build on Avure's leading position in the design and manufacture of
advanced high-pressure presses for the food industry. "This
divestiture allows us to focus our resources more tightly on our
core waterjet business," said Stephen R. Light, FLOW's President
and Chief Executive Officer. "At the same time, we look forward to
working with Gores to advance their high-pressure food processing
business by producing market leading ultrahigh-pressure water pumps
and aftermarket products for their equipment." Specifically, the
Gores affiliate has acquired Avure Technologies Incorporated, Avure
Technologies AB, Flow International FPS AB, and assets of Flow
Holding Sagl, which were all wholly owned subsidiaries of Flow
International Corporation. Also included in the transaction is
FLOW's 51% interest in a joint venture with Snap-tite, called Flow
Autoclave Systems. Avure is the market leader in the development of
wire wound, high-pressure industrial presses. Avure has been
providing industrial presses under the brand name Quintus
Industrial Presses for more than 30 years and has delivered more
than 1,500 systems worldwide to customers including Ford and
Boeing. Avure Technologies specializes in the manufacturing of
high-pressure presses for the food industry. About Flow
International Flow International Corporation is the world's leading
developer and manufacturer of ultrahigh-pressure waterjet cutting
technology to industries including automotive, aerospace, job shop,
surface preparation, and more. For more information, visit
http://www.flowcorp.com/. About Gores Technology Group, LLC Founded
in 1987, Gores is a private equity firm focused on special
situations across industries with particular expertise in the
technology, telecommunications, and business services sectors. The
firm combines the seasoned M&A team of a traditional financial
buyer with the operational expertise and detailed due diligence
capabilities of a strategic buyer. Gores has a long standing record
of creating sustainable value in its portfolio companies by
focusing on customers and employees, supporting management with
operational expertise and providing the capital required for
growth. Headquartered in Los Angeles, California, Gores maintains
offices in Boulder, Colorado; New York; Zurich; and London.
http://www.gores.com/ This press release contains forward-looking
statements relating to future events or future financial
performance that involve risks and uncertainties. The words
"believe," "expect," "intend," "anticipate," variations of such
words and similar expressions identify forward-looking statements
but their absence does not mean that the statement is not
forward-looking. These statements are only predictions and actual
results could differ materially from those anticipated in these
statements based on a number of risk factors, including those set
forth in the April, 30, 2005 Flow International Corporation Annual
Report on Form 10-K filed with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
these forward-looking statements that speak only as of the date of
this amendment. DATASOURCE: Flow International Corporation CONTACT:
John Leness, General Counsel of Flow International Corporation,
+1-253-850-3500 Web site: http://www.gores.com/ Web site:
http://www.flowcorp.com/
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