Tennant Company Expands in Mexico; Acquires Dofesa, a Long-Time Mexico Distributor of Tennant
Equipment
Tennant Company (NYSE: TNC), a world leader in designing, manufacturing and marketing solutions that help create a cleaner,
safer world, today announced that it has acquired the assets of Dofesa Barrido Mecanizado (“Dofesa”), Tennant Company’s largest and
long-time Mexico distributor, based in Aguascalientes in central Mexico. The transaction closed on September 1, 2016, and terms
were not disclosed.
Tennant Company completed the acquisition through its existing Mexican subsidiary, Tennant Sales and Services of Mexico
(“Tennant Mexico”). In addition to other Tennant distributors in Mexico, this acquisition will enable Tennant Mexico to have broad
and deep representation in key regions such as Mexico City, Monterrey, Guadalajara, and Puebla.
“This acquisition represents a key investment into Tennant Company’s growth in targeted emerging markets. Tennant Company is
interested in opportunities that expand our sales and service networks and enhance our ability to meet customer needs more quickly.
We’re very excited to see all three of these coming together with Dofesa. Adding the 50-plus Dofesa employees to the Tennant Mexico
team and with the distribution facilities of Dofesa, Tennant Mexico will be able to provide equipment, parts and service directly
to our distributors and customers, shortening the time to delivery and avoiding extra costs,” said Rusty Zay, Senior Vice President
of the Americas for Tennant Company. “Tennant Company has great respect for Dofesa and its 40-year legacy as a Tennant distributor
in Mexico. We look forward to building upon this foundation as we take Tennant Mexico to a whole new level,” Zay continued.
Alejandro Hernandez, owner of Dofesa, commented, “Our business has enjoyed a very successful relationship with Tennant Company
for many years. Representing the high-quality Tennant brand to our customers in Mexico has helped Dofesa become the leading name in
cleaning in this market. We are very confident that Tennant Mexico will carry on the commitment to quality that our companies have
shared for so long.”
This is the second acquisition announced recently by Tennant Company. On July 28, 2016, the company announced its acquisition of
the commercial floor coatings business of Crawford Laboratories, maker of Florock® brand floor coatings.
Zay noted that these transactions are consistent with the company's strategy of pursuing add-on acquisitions to gain access to
interesting products or to expand its global sales and service coverage.
About Tennant Company
Minneapolis-based Tennant Company (TNC) is a world leader in designing, manufacturing and marketing solutions that empower
customers to achieve quality-cleaning performance, significantly reduce their environmental impact and help create a cleaner,
safer, healthier world. Its products include equipment for maintaining surfaces in industrial, commercial and outdoor environments;
detergent-free and other sustainable cleaning technologies; and coatings for protecting, repairing and upgrading surfaces.
Tennant's global field service network is the most extensive in the industry. Tennant has manufacturing operations in Minneapolis,
Minn.; Holland, Mich.; Louisville, Ky.; Uden, The Netherlands; São Paulo, Brazil; and Shanghai, China; and sells products directly
in 15 countries and through distributors in more than 80 countries. For more information, visit www.tennantco.com.
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Tennant Company
Investor Contact:
Tom Paulson, 763-540-1204
Senior Vice President and Chief Financial Officer
tom.paulson@tennantco.com
or
Media Contact:
Kathryn Lovik, 763-540-1212
Global Communications Director
kathryn.lovik@tennantco.com
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