The Danfoss Group has announced its intent to acquire full ownership of privately held White Drive Products, Inc.
White Drive Products is a leading manufacturer of hydraulic motors headquartered in Hopkinsville, Kentucky with manufacturing facilities in Hopkinsville and Zhenjiang, Jiangsu, China. Last year, White Drive Products reported sales of $100 million. Danfoss Power Solutions has offices in the U.S., Denmark, Germany, and Shanghai. The two players join forces to accelerate growth and becoming a market leader in all regions.
“This acquisition confirms our strategic focus on building leading positions in our core businesses. White Drive Products is widely recognized for their excellence in hydraulic drive products and a perfect fit for our mobile hydraulics business. 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”, says Niels B. Christiansen, Danfoss president.
“Joining forces is a great step for both Danfoss and White Drive Products, and this is a unique growth opportunity for both organizations. 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. We are proud that Danfoss has chosen to build upon Hollis White’s legacy of innovation and entrepreneurship”, says Rich Maddux, CEO, White Drive Products.
The acquisition is subject to necessary approvals by relevant agenciesand is expected to be fully completed during the third quarter 2016. The parties have not disclosed the purchase price or other conditions of the acquisition.