Flow International Corporation Completes Minority Investment in China's Leading Waterjet Manufacturer
KENT, Wash., Jan. 6 /PRNewswire-FirstCall/ -- Flow International
Corporation (Nasdaq: FLOW), the world's leading developer and manufacturer of
industrial waterjet machines for cutting and cleaning applications, announced
today that it has completed its $2 million purchase of a minority ownership
position in Dardi International Corporation, China's leading waterjet
manufacturer.
Privately held Dardi is the world leading waterjet supplier for the
"economy" segment of the market, and the largest volume producer of waterjets
in Asia with three factories located near Nanjing, China. Flow announced its
intent to purchase the minority position in November, having previously
introduced Dardi as the new supplier of its economy segment product line. By
establishing a minority equity position, Flow has formalized its relationship
with Dardi.
"We believe this enhanced relationship with Dardi will improve access to
Dardi's low cost manufacturing, products and distribution base in China," said
Charley Brown, Flow's President and CEO. "We believe this small investment
will enhance our competitive position in China and the rest of the world."
About Flow International
Flow International Corporation is the world's leading developer and
manufacturer of ultrahigh-pressure waterjet technology for cutting and
cleaning. Flow provides state-of-the-art ultrahigh-pressure (UHP) technology
to numerous industries including automotive, aerospace, job shop, surface
preparation, food and dozens more. For more information, visit
http://www.flowcorp.com.
This press release contains forward-looking statements relating to future
events or future financial performance that involve risks and uncertainties.
The words "believe," "expect," "intend," "anticipate," variations of such
words, and similar expressions identify forward-looking statements but their
absence does not mean that the statement is not forward-looking. These
statements are only predictions and actual results could differ materially
from those anticipated in these statements based on a number of risk factors,
including those set forth in the April 30, 2008 Flow International Corporation
Form 10-K Report, filed with the Securities and Exchange Commission.
Forward-looking statements in this press release include, without limitation,
statements regarding Flow's access to Dardi's factories, products and
distribution network. Readers are cautioned not to place undue reliance on
these forward-looking statements that speak only as of the date of this
announcement.