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EXHIBIT 99
Brian P. Campbell For Immediate Release
President and Chief Executive Officer ---------------------
(734) 747-7025 Ext. 129
KAYDON CORPORATION ANNOUNCES ACQUISITION
Ann Arbor, Michigan, August 28, 2000
Kaydon Corporation (NYSE:KDN) announced today that it has acquired the
"Tridan Group of Companies" consisting of Tridan International, Inc., Indiana
Precision, Inc. and Canfield Technologies, Inc. The purchase price was
approximately $48.0 million, cash. Acquisition of these companies is expected to
be accretive to Kaydon earnings.
Tridan International, Inc. is a manufacturer of specialty product equipment
for the commercial and residential air conditioning industry. Its products are
marketed both domestically and internationally. Indiana Precision, Inc. is a
manufacturer of specialty tooling for the plastic packaging industry. Canfield
Technologies, Inc. is a manufacturer of environmentally safe lead-free solders
sold into electronic, construction and specialty manufacturing industries.
The three companies, which had substantially identical ownership, have
annual sales in excess of $30.0 million.
In commenting on the acquisition, Brian P. Campbell, Kaydon's President and
Chief Executive Officer stated, "We welcome these fine companies and their
excellent management teams into the Kaydon family. The acquisition of the Tridan
Group of Companies is an example of our long range growth strategy to further
diversify Kaydon's product and market profile."
Kaydon Corporation is a leading designer and manufacturer of custom-
engineered products, supplying a broad and diverse group of industrial,
aerospace, medical and electronic equipment, and aftermarket customers.
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Certain information in this press release is forward-looking, such as the
Company's expectations regarding future financial performance and growth
initiatives. The Company may not update these expectations to reflect subsequent
events. Such forward-looking information involves risks and uncertainties that
could significantly affect expected results. These risks and uncertainties
include, but are not limited to, uncertainties relating to economic conditions,
market acceptance of new or enhanced versions of the Company's products, the
pricing of raw materials and changes in the competitive environments in which
the Company's businesses operate. Readers are cautioned to consider these
factors when relying on such forward-looking information.
