PMFG Announces the Acquisition of German Licensee, Burgess Manning GmbH, by Peerless Europe Limited
PMFG, Inc. (Nasdaq: PMFG) announced today that its wholly owned subsidiary, Peerless Europe Limited ("PEL") has acquired Burgess-Manning GmbH, a German company based in Dusseldorf for a purchase price of EUR 4 million ($5.5 million).
Burgess-Manning GmbH held an exclusive license throughout Germany and surrounding European countries to design, manufacture and market custom engineered systems and products under the Burgess-Manning trademark, which is owned by the Company and primarily serves the markets for power generation, natural gas infrastructure and petrochemical processing. PEL, headquartered in Braintree, United Kingdom, serves similar customers throughout Europe, the Middle East and North Africa.
Burgess-Manning GmbH's annual revenue for the fiscal year ended September 30, 2010 was approximately $13 million determined using accounting principles generally accepted in Germany.
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