Elgi Equipments acquires Pulford Air & Gas; makes a strategic entry into the Australian market
Coimbatore, India, July 31st, 2018: ELGi Equipments (BSE: 522074 NSE: ELGIEQUIP), one of India’s leading air-compressor manufacturers, today announced its 100% acquisition of F.R.Pulford & Son Pty Limited , doing business as Pulford Air and Gas (“Pulford”), based in Sydney, Australia. This acquisition was completed on July 31st, 2018.
Elgi Equipments is currently on a business mission of becoming World No 2 in the global air-compressor business by 2027. This strategic acquisition made by ELGi is in fact the first step the company has made towards becoming world leaders in the compressed air business.
Through this acquisition, ELGi gains access to a national pool of customers to grow sales and service in Australia. Pulford is one of the largest distributors of industrial compressors in Australia and has been in the business for nearly 100 years. The company has reported an annual turnover of AUD 14.5 Million during the financial year 2015-16, AUD 15.8 Million during 2016-17 and AUD 17 Million during 2017-18. The total acquisition is Approx A$ 15.05 Million; and ELGi will gain 100% of the shareholding & control.
Dr. Jairam Varadaraj, Managing Director, Elgi Equipments said, “Today is a momentous day in ELGi’s and Pulford’s history. It is the integration of two customer centric organizations with the intent of gaining a leadership position in the Australian compressed air market. Pulford embodies market leadership through decades of customer centricity. All of us at ELGi are humbled by Pulford’s legacy in the Australian market and we are honoured by the role ELGi will play in its growth.”
Elgi Equipments Limited is a leading air compressor manufacturer with a broad line of innovative and technologically superior compressed air systems. ELGi has earned worldwide distinction for designing sustainable solutions that help companies achieve their productivity goals and keep the cost of ownership low. ELGi offers a complete range of compressed air solutions from oil-lubricated and oil-free rotary screw compressors, oil-lubricated and oil-free reciprocating compressors and centrifugal compressors, to dryers, filters and downstream accessories. The company’s portfolio of over 400 products has found wide application across industries. For further information on the organisation and its products, please visit https://www.elgi.com/eu
Pulford is one the largest distributors of industrial compressors in Australia and has been in the business for nearly 100 years. Founded in 1925 is headquartered in Sydney and is primarily engaged in the business of distributing industrial compressors and air products. Pulford is a proudly Australian-owned business that has served many different industries for the past 90 years. With their advanced research and development, Pulford continues to produce the highest quality and energy efficient air compressors on the market.