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i like that donaldson is expanding its markets, seeking new niches to dominate....what i don't know is how exchange rates will affect donaldson's yearly earnings....
with the stock back at 9/11 prices again, this seems a good time to absorb any earnings hit, as the company anticipates "earnings neutral" in 2003.

Donaldson Company Completes Acquisition of ultrafilter international AG -- Reaffirms Fiscal Year 2002 Earnings Guidance

With roughly 100 million euros in sales, ultrafilter is a global leader in the design and manufacture of components, replacement parts and complete systems for the compressed air purification industry. Its products include compressed air filters and a wide assortment of replacement filters, a complete offering of refrigeration and desiccant dryers, condensate management devices and after-sale services. ultrafilter, with operations in 30 countries, is built on selling direct to end users, excellent customer service and a strong focus on the aftermarket. For further information on ultrafilter, visit

The transaction is expected to be earnings neutral for fiscal 2003 and accretive thereafter, with additional upside dependent on the pace and success of integration efforts.
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