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Los Angelas, CA -- (SBWIRE) -- 03/01/2013 -- Sauer-Danfoss Inc. (NYSE:SHS) is engaged in the developing, manufacturing, and marketing of advanced systems for the distribution and control of power in mobile equipment. The Company designs, manufactures, and markets hydraulic, electronic, and mechanical components, as well as software and integrated systems that generate, transmit, and control power in mobile equipment. Principal products are hydrostatic transmissions, open circuit piston pumps, open circuit gear pumps and motors, low speed high torque motors, steering units, microprocessor controls, electro hydraulics, and control valves. The Company sells its products to original equipment manufacturers (OEMs) of engineered, off-road vehicles who use Sauer-Danfoss products to provide the hydraulic and electronic power for the propel, work, and control functions of their vehicles. The Company's products are sold to the agriculture, construction, road building, turf care, material handling, and specialty vehicle markets.
Danfoss A/S, a Danish maker of valves and other machine parts, will buy the rest of U.S. company Sauer-Danfoss it doesn't already own for about $692 million after raising its offer.
Danfoss owns 75.6 percent of Sauer-Danfoss Inc., which makes parts for tractors, backhoe loaders and other agricultural and construction equipment. Danfoss had bid $49 percent for the remaining 24.4 percent of the Ames, Iowa, company's shares outstanding in November. The deal announced Friday increases that offer by 19 percent, to $58.50 per share.
That's 8 percent above Sauer-Danfoss' closing price Thursday. Shares rose $4.50, or 8 percent, to $58.65 in premarket trading.
The Danish company will acquire the shares through a tender offer. The deal has been approved by Sauer-Danfoss' board and is expected to close by the end of June.
The acquisition values all of Sauer-Danfoss at about $2.83 billion.
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