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[GRAPHIC OF SAUER DANFOSS LOGO]
FOR IMMEDIATE RELEASE
DECEMBER 5, 2000
SAUER-DANFOSS INC. ACQUIRES INTEGRATED CONTROL TECHNOLOGIES (ICT) LTD.;
FURTHER DEVELOPING ITS ELECTROHYDRAULIC OPERATIONS IN EUROPE
AMES, IOWA, USA, DECEMBER 5, 2000 - SAUER-DANFOSS INC. (NYSE: SHS; FSE: SAR)
today announced that it has completed the acquisition of Integrated Control
Technologies (ICT) Ltd. in an all-cash transaction for approximately $2.3
million at today's exchange rates. The transaction closed on Tuesday,
December 5, 2000.
Headquartered in the United Kingdom, ICT is well known for its production of
electronic controls and related software in mobile hydraulics, as well as other
areas. Along with the acquisition of NOB Electronik AB in Sweden earlier this
year, this transaction further develops Sauer-Danfoss' electrohydraulic
operations in Europe and adds to its capability of offering complete systems,
including sophisticated electronics. According to Sauer-Danfoss, there is strong
demand for these systems, and the electrohydraulics unit has produced
double-digit growth over the last few years.
Albert Zahalka, Sauer-Danfoss' Vice President & General Manager,
Electrohydraulics, commented, "We have worked with ICT in the British market for
a number of years and have grown to know and understand each other well, making
the decision to cement this relationship by bringing ICT into the Sauer-Danfoss
group a logical transaction."
Mike Hallett, Managing Director of ICT, said, "When we thought about future
growth opportunities, we realized we needed the power of a global organization.
ICT and Sauer-Danfoss share a deep mutual understanding of electrohydraulics,
and we are looking forward to serving our customers in Britain while growing
internationally with Sauer-Danfoss." Mike Hallett will retain his current
position within the operations of the company.
Sauer-Danfoss' European electrohydraulics division now combines engineering
resources from Neumunster, Germany; Nordborg, Denmark; Almhult, Sweden
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and Alcester, UK. Further developments are expected in this rapidly growing area
of mobile hydraulics.
Sauer-Danfoss Inc. is a worldwide leader in the design, manufacture and sale of
engineered hydraulic systems and components for use primarily in applications of
off-highway mobile equipment. Sauer-Danfoss, with approximately 6,500 employees
worldwide and sales of about $950 million, has manufacturing and engineering
capabilities in Europe, the United States and China, and principal business
centers in Ames, Iowa, Neumunster, Germany and Nordborg, Denmark. More details
online at WWW.SAUER-DANFOSS.COM.
FOR FURTHER INFORMATION PLEASE CONTACT:
SAUER-DANFOSS INC. - INVESTOR RELATIONS
KENNETH D. MCCUSKEY Sauer-Danfoss Inc. Phone: (515) 239-6364
Vice President - Finance 2800 East 13th Street Fax: (515) 239-6443
Ames, Iowa, USA 50010 [email protected]
JOHN N. LANGRICK Sauer-Danfoss Inc. Phone: +49-4321-871-190
Director of Finance - Europe Krokamp 35 Fax: +49-4321-871-121
D-24539 Neumunster [email protected]
