Sundyne Acquires 100 Percent Control of the Sundyne Nikkiso Joint Venture

ARVADA, Colo., Oct. 25 /PRNewswire/ -- Sundyne Corp., a Hamilton Sundstrand subsidiary, and NIKKISO CO., LTD. formally announced today that they have completed a transaction that will give Sundyne 100 percent ownership of the former Sundyne Nikkiso joint venture in Tokyo, Japan. Hamilton Sundstrand is a subsidiary of United Technologies Corp. (NYSE: UTX).

The former Sundyne Nikkiso joint venture will now be known as Sundyne Japan. Sundyne and NIKKISO have had a long history together, which began with the formation of the joint venture in 1975.  Under the new agreement, NIKKISO will continue to represent Sundyne in Japan. NIKKISO will also continue to manufacture Sundyne pumps and compressors under license for specific customers.

"Sundyne has had a long and trusted relationship with NIKKISO.  At this point in time, however, taking full control of Sundyne's distribution and manufacturing strategy will make it easier for us to further expand throughout Asia," stated Phil Ruffner, president of Sundyne Corp. Daryl Lamy, general manager of the former joint venture, will continue to lead the entity, with responsibility for all sales activities in the Asia region. Hideo Otsuka has accepted the position of deputy general manager, Sundyne Japan, replacing Katsumi Kuramochi, who has elected to return to NIKKISO. "We would like to thank Kuramochi san for his dedication and hard work over the past two years on behalf of the joint venture," Ruffner said.

"This change in ownership is an important milestone for Sundyne and its global distribution strategy. The new agreement keeps in place a long and important relationship with NIKKISO to bring valuable Sundyne products and services to the Japanese marketplace. Finally, I would like to thank Toshihiko Kai, president and CEO of NIKKISO CO., LTD. and his entire team for their cooperation in this matter," added Ruffner.

The new Sundyne Japan is an important element for expansion of Sundyne's distribution and manufacturing footprint in Asia. Sundyne also uses its global sales channel to distribute a family of highly reliable products including heavy duty ISO 13709/API 610 integrally geared pumps; direct drive and multi-stage pumps; sealless magnetic drive pumps with API 685, ANSI and ISO standards; as well as high-speed integrally geared API 617 standard and multi-stage compressors for hydrocarbon and chemical processing, power generation, water management, and general industries. Sundyne also engineers and manufactures motors, stators and generators for the aerospace, refrigeration, hybrid bus and hybrid truck industries.

About Sundyne

Headquartered in Arvada, Colo., Sundyne is a leading global manufacturer of engineered pumps and compressors serving process industries worldwide. Additional information can be found at www.sundyne.com.

With 2009 revenues of $5.6 billion, Hamilton Sundstrand is headquartered in Windsor Locks, Conn. Among the world's largest suppliers of technologically advanced aerospace and industrial products, the company designs, manufactures and services aerospace systems and provides integrated system solutions for commercial, regional, corporate and military aircraft. It also is a major supplier for international space programs.

United Technologies Corp., based in Hartford, Conn., is a diversified company providing high technology products.

SOURCE Sundyne Corp.