HOUSTON--(BUSINESS WIRE)--
DXP Enterprises, Inc. (NASDAQ: DXPE) today announced the
immediate termination of the remaining distributor agreements with ITT
Goulds. Subsequent to DXP’s press release dated September 24, 2015, ITT
Goulds notified DXP of the immediate termination. As of October 27,
2015, DXP accepted the immediate termination of the distribution
agreements.
David Little, Chief Executive Officer, stated, “DXP decided to accept
Goulds’ immediate termination. Goulds’ non-compete requirements known as
section or paragraph 7C of the distributor agreement, did not allow DXP
to service all our existing customers. Despite Goulds’ persistence to
cancel DXP after 30 plus years of building customer trust and
relationships, it became necessary to accept Goulds’ desire for
immediate termination. This will allow DXP to continue to focus on being
a customer-driven solutions provider. As a Goulds distributor, DXP had
developed relationships with our customers in Texas, Louisiana,
Mississippi, Oklahoma, New Mexico, Ohio, Indiana, Kentucky, Colorado,
Arizona, Nevada, Montana, Wyoming, North Dakota, South Dakota, Alaska,
Alberta (Canada) and Hermosillo (Mexico). DXP is presently in 35 states
and well positioned to continue our growth strategy, becoming the one
source solution for customers' rotating equipment needs. We are excited
to move forward for our customers' and employees' benefit. This
resolution increases our flexibility to grow profitably as we continue
to focus on meeting customer needs, delivering strong performance and
sustainable economic value for our customers, employees and
shareholders. DXP is committed to make this transition as seamless and
orderly as possible for our customers, employees and shareholders.”
Part of DXP’s solution for the customer was the purchase of B27 and the
manufacturing capabilities of PumpWorks 610 and PumpWorks Industrial.
B27 brings four decades of rotating equipment manufacturing and customer
service experience, state-of-the art manufacturing facilities, foundry
ownership as well as all pumps being manufactured and tested in the USA.
DXP and PumpWorks is now in a position to meet all our customer needs
through a complete supply chain solution. Together, through this
transition and in the future, we can provide our customers with the
required stock inventory and related rotating equipment supplies for
increased production capabilities. PumpWorks cut their teeth on the
stringent API requirements for the PumpWorks 610 line and are now
focusing their manufacturing prowess on the ANSI industrial market
segment, PumpWorks Industrial. The PumpWorks Industrial line is
supremely poised to rocket across the oil & gas, power-generation,
chemical, water wastewater, pulp & paper, food & beverage as well as
general industrial market segments with a robust ANSI pump offering.
Technology, experience and a complete supply chain will ensure that our
customers receive unmatched price, delivery and quality.
As DXP moves forward, we are also excited to work with suppliers like
Grundfos, IDEX, John Crane, National Oilwell Varco, Pentair, Peerless,
PSG, PumpWorks, Sundyne and Xylem, to name a few. DXP looks forward to
creating the best solution for our customers on competitive pricing,
accelerated delivery, aftermarket service and quality of product.
DXP is prepared to replace all of Goulds’ products with existing
manufacturers, new manufacturers and a high-quality private label
offerings. DXP is eager to move forward with all of its supplier
partners.
DXP is a value added distribution company that brings expertise and
total cost savings to the industrial customer. DXP is, and always will
be, a customer-driven growth company. DXP will continue to bring
unrivaled expertise, quality, speed of service and a total solution for
the customers' rotating equipment needs.
Slower, older and restrictive suppliers along with increased pricing are
not the answers that customers want, nor where the industry is headed.
Competitive pricing, faster delivery, better quality, increased
flexibility, high energy and customer-driven solutions are the future.
DXP welcomes calls and inquiries from any existing as well as new
customers regarding how we will continue to better serve their needs.
Let us show you a better solution!
Visit us or call us today at www.dxpe.com,
www.pumpworks610.com,
www.pumpworksindustrial.com
or 1-800-830-3973. DXP looks forward to serving your needs.
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that
adds value and total cost savings solutions to industrial customers
throughout the United States, Canada, Dubai and Mexico. DXP provides
innovative pumping solutions, supply chain services and maintenance,
repair, operating and production ("MROP") services that emphasize and
utilize DXP’s vast product knowledge and technical expertise in rotating
equipment, bearings, power transmission, cutting tools, industrial
supplies and safety products and services. DXP's breadth of MROP
products and service solutions allows DXP to be flexible and customer
driven, creating competitive advantages for our customers. DXP’s
business segments include Service Centers, Innovative Pumping Solutions
and Supply Chain Services. For more information, go to www.dxpe.com.
The Private Securities Litigation Reform Act of 1995 provides a
“safe-harbor” for forward-looking statements. Certain information
included in this press release (as well as information included in oral
statements or other written statements made by or to be made by the
Company) contains statements that are forward-looking. Such
forward-looking information involves important risks and uncertainties
that could significantly affect anticipated results in the future; and
accordingly, such results may differ from those expressed in any
forward-looking statement made by or on behalf of the Company. These
risks and uncertainties include, but are not limited to; ability to
obtain needed capital, dependence on existing management, leverage and
debt service, domestic or global economic conditions, and changes in
customer preferences and attitudes. For more information, review the
Company’s filings with the Securities and Exchange Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151029006268/en/
DXP Enterprises, Inc.
Mac McConnell, 713-996-4700
Senior Vice
President, Finance & CFO
www.dxpe.com
Source: DXP Enterprises, Inc.