Thomas Industries Acquires Rietschle

Thomas Industries and Werner Rietschle GmbH & Co. KG, manufacturers of precision-engineered pumps and compressors, completed a transaction that combines the companies into a global entity with complementary products and expanded manufacturing and marketing capabilities. In 2001, Rietschle had sales of $151 million and Thomas had sales of $184 million.

Under the terms of the purchase, Thomas agreed to pay $83 million in cash and $1.8 million shares of Thomas common stock for substantially all of the assets of Rietschle, a privately held company based in Schopfheim, Germany. In addition, Thomas will assume approximately 20 million euro of net debt in connection with the transaction.