Donaldson Company Inc., a global leader in engine filtration, announces that it has entered into a binding agreement to acquire 100% of the shares of Industrias Partmo S.A. Partmo is a leading manufacturer of replacement air, lube and fuel filters in Colombia.
Founded in 1963, Partmo generates annual sales of approximately $15 million. Partmo has approximately 250 employees at its main production site in Bucaramanga, Colombia.
"The acquisition of Partmo will support our strategy of continued growth in our engine filter business in South America," says Guillermo Briseño, Donaldson's Vice President for Latin America. "Partmo is a well-recognized brand of replacement filters in Colombia and other countries in the northern portion of South America. We look forward to continuing and strengthening the long-term relationships they have built with their distributors and customers."
"The Partmo business directly aligns with the priorities of our strategic growth plan by growing our replacement filter and liquid businesses, while further expanding our international business. Partmo's factory in Colombia will be Donaldson's first production site for engine liquid filters in South America," says Tod Carpenter, Donaldson's President and CEO. "I look forward to welcoming the Partmo employees to our Company."
Donaldson has entered into a binding agreement to acquire Partmo. Completion of the transaction is subject to customary regulatory approval in Colombia, and it is expected to close during the second quarter of Donaldson's fiscal year 2016. Once the transaction is complete, Donaldson will report revenue from the acquisition of Partmo in its Engine Products Segment.