Dexter Co. Acquires Apache Stainless Equipment Corp.

Oct. 13, 2006
Purchase diversifies, brings growth potential

October 13, 2006 -- The Dexter Company, which manufactures commercial laundry equipment and gray and ductile cast iron products, has acquired 100% of Apache Stainless Equipment Corp., a designer/manufacturer of stainless steel vessels and storage tanks for the pharmaceutical, bio-tech, pulp and paper, ethanol, bio-fuels, and chemical industries. The group's Mepaco division produces stainless steel vessels, mixers, cookers, and related products for food processing.

The acquisition diversifies Dexter’s portfolio of companies and leverages it’s competencies as a manufacturer of high quality steel and iron related products.

Patrick D. Albregts, Dexter president and CEO stated: “Our current businesses are all in mature industries with modest growth potential. Apache will serve as a growth engine for Dexter and allow us to leverage a number of important synergies within our businesses. They are also a great complement to the ownership culture we have here at Dexter.”

Apache Stainless will remain headquartered in Beaver Dam, WI, with production facilities in Beaver Dam and Plover, WI.

Dexter named James N. Freeze as president of Apache Stainless. He is the former senior vice president of the Dexter Laundry business. Apache Stainless founder and former president Duane E. Foulkes will remain involved under a long term consulting agreement.