âDanfoss Group announces that it will acquire full ownership of hydraulic-motor manufacturer White Drive Products Inc. and integrate it into the Danfoss Power Solutions business segment. Niels B. Christiansen, President and CEO of Danfoss, explains the acquisition’s role in increasing Danfoss’ global footprint in the hydraulic motor market, “With White Drive Products as part of our mobile hydraulics business, we stand even stronger, in particular, in North America and China. Together, we will have an even more comprehensive and competitive product offering that our customers will benefit from.”
White Drive Products has a strong presence in the U.S. and China, including manufacturing facilities in Hopkinsville, Ky., and Zhenjiang, Jiangsu, China, as well as sales and distribution offices in the U.S., China, and Europe. These will add to Danfoss Power Solutions’ range of facilities in Europe. White Drive Products also has over 700 employees, and reported sales of approx. $100 million in 2015.
“Joining forces is a great step for both Danfoss and White Drive Products, and this is a unique growth opportunity for both organizations,” says Rich Maddux, CEO, White Drive Products. “Together, we will have more capacity and investment for greater innovation, market synergies, and most importantly, growth, by using our increased manufacturing footprint to expand market share.”
The acquisition is expected to be fully completed during the third quarter of 2016. The parties have not disclosed the purchase price or other conditions of the acquisition.