Donaldson To Buy Partmo

(RTTNews) - Filtration systems maker Donaldson Co Inc (DCI) on Tuesday said it has entered into a binding agreement to acquire all of the shares of Colombia-based Industrias Partmo S.A. The financial terms of the deal were not disclosed.

Partmo is a manufacturer of replacement air, lube and fuel filters. Founded in 1963, Partmo generates annual sales of about $15 million. Partmo has about 250 employees at its main production site in Bucaramanga, Colombia.

Donaldson said completion of the deal is subject to customary regulatory approval in Colombia, and is expected to close during the second quarter of its fiscal year 2016.

"The acquisition of Partmo will support our strategy of continued growth in our engine filter business in South America," said Guillermo Briseño, Donaldson's vice president for Latin America.

"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."