Texit, founded in 1992, develops, manufactures and distributes cable-management products including wire markers, cable ties and accessories, insulation and connectivity products, printers and identification software for mass transit markets including railway, aviation and shipping; and a wide-range of electrical and other utility markets in Europe, the U.S. and China. Texit, headquartered in Odense, had sales of about $9 million (U.S.) in 2004.
"Texit has a well established customer base in the Danish and Norwegian electrical markets, and strong know-how in wire identification and total cable management. Their product lines and marketing strategies fit very well with ours," said Peter Sephton, vice president, Brady Europe. "This acquisition extends our reach in the Nordic countries, and further strengthens our position as a leader in wire identification in Europe."
Mathias Goossens, Brady Northern Europe managing director, further commented, "We look forward to working with the talented team at Texit and their foreign partners in meeting the needs of customers for reliable identification and accurate tracking throughout Europe, the U.S. and Asia."
Brady Corporation is an international manufacturer and marketer of complete identification solutions and specialty materials, with products including labels, software, printing systems, label-application and data-collection systems, signs, safety devices and precision die-cut materials for manufacturing, electrical, electronic, telecommunications and a variety of other markets. Founded in 1914, Brady is headquartered in Milwaukee and employs more than 4,500 people in operations in the United States, Europe, Asia/Pacific, Latin America and Canada. The company's fiscal 2004 sales were approximately $671 million. More information is available on the Internet at www.bradycorp.com, www.bradyeurope.com, www.texit.com, and www.texit.dk
This news release contains forward-looking information, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking information in this release involves risks and uncertainties, including, but not limited to, domestic and international economic conditions and growth rates; fluctuations in currency exchange rates for international currencies versus the U.S. dollar; the ability of the company to acquire, integrate and achieve anticipated synergies from new businesses; the ability of the company to adjust its cost structure to changes in levels of sales and product mix in a timely manner; the continued availability of sources of supply; variations in the economic or political conditions in the countries in which the company does business; technology changes; and the successful implementation of a new enterprise-resource-planning system. Brady cautions that forward-looking statements are not guarantees, since there are inherent difficulties in predicting future results, and that actual results could differ materially from those expressed or implied in forward-looking statements.
Brady Corporation Carole Herbstreit (U.S.), 414-438-6882 or Stacy Laszewski (Europe), 00-32-52-45-7995