EXHIBIT 99.1
AT THE COMPANY: AT FINANCIAL RELATIONS BOARD:
Bruce C. Karsk Marilyn Windsor Diane Hettwer Tim Grace
Executive VP and CFO General Inquiries Analyst Inquiries Media Inquiries
402-829-6803 702-515-1260 312-640-6760 312-640-6667
FOR IMMEDIATE RELEASE
FRIDAY, JUNE 4, 2004
LINDSAY MANUFACTURING ACQUIRES
LEADING SOUTH AFRICAN PIVOT MANUFACTURER
PRODUCT LINE EXTENSION EXPANDS MARKET REACH
OMAHA, NEB., JUNE 4, 2004--LINDSAY MANUFACTURING CO. (NYSE: LNN), a leading
international manufacturer of center pivot, lateral move, and hose reel
irrigation systems, today announced that its subsidiary, Lindsay Manufacturing
Africa (Pty) Ltd, has acquired Stettyn, a manufacturer of center pivots in South
Africa. Headquartered in Bloemfontein, privately held Stettyn specializes in
standard height, four-inch pivot systems, a new market segment for Lindsay.
Terms of the transaction were not disclosed.
The Stettyn center pivot is designed for the growing market segment of farmers
who want an economical irrigation system for smaller parcels of land--60 acres
or less--or who are converting dry land with scarce water supplies. This product
complements Lindsay's Zimmatic(R) brand of center pivots that serves farmers
requiring state-of-the-art, larger irrigation systems. Because Stettyn serves a
different market segment than the Zimmatic product line, Lindsay plans to keep
the two distributor networks separate and continue with the Stettyn brand name.
"This acquisition launches Lindsay Africa into a new pivot market in South
Africa, strengthens our position in Sub-Saharan markets on the African
continent, and is consistent with our mission to be the worldwide leader in
providing intelligent water and plant nutrient management systems," stated Rick
Parod, Lindsay's president and chief executive officer. "There is increasing
pressure on farmers in this part of the world to conserve water, energy and
labor, and we now have products to meet the needs of all segments of this
market."
The company anticipates that the acquisition will have no impact on earnings for
the balance of fiscal 2004 and will be accretive to earnings thereafter.
MORE
Parod noted that the Stettyn acquisition reflects Lindsay's strategy to use its
financial resources to deliver growth and value to shareholders through multiple
avenues. "Accretive acquisitions are just one method to enhance shareholder
value," Parod said. "We will continue to use a balanced approach that includes
organic growth opportunities, share repurchases and dividend payments, as well
as future accretive strategic acquisitions."
ABOUT THE COMPANY
Lindsay manufactures and markets Zimmatic, Greenfield, and Perrot center pivot,
lateral move and hose reel irrigation systems and GrowSmart controls, all of
which are used by farmers to increase or stabilize crop production while
conserving water, energy, and labor. The company also produces large diameter
steel tubing and provides outsourced manufacturing and production services for
other companies. At February 29, 2004, Lindsay had approximately 11.8 million
shares outstanding, which are traded on the New York Stock Exchange under the
symbol LNN.
CONCERNING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that are subject to risks and
uncertainties and which reflect management's current beliefs and estimates of
future economic circumstances, industry conditions, Company performance and
financial results. Forward-looking statements include the information concerning
possible or assumed future results of operations of the Company and those
statements preceded by, followed by or including the words "expectation,"
"outlook," "could," "may," "should," or similar expressions. For these
statements, we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform Act of 1995.
FOR MORE INFORMATION REGARDING LINDSAY MANUFACTURING CO.,
see Lindsay's website at www.lindsaymanufacturing.com