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Graco Announces Management Changes

Published on 2005-02-24. Author : SpecialChem

MINNEAPOLIS -- Graco Inc. (NYSE:GGG - News) announced that it has made the following management changes, effective immediately.

David M. Lowe, age 49, has been named Vice President and General Manager of the Industrial Products Division. Mr. Lowe will be responsible for leading Graco's liquid finishing, process and automotive refinish product categories. In addition to these responsibilities, Mr. Lowe will continue to manage Graco's European Operations until a permanent replacement is appointed. In his 10 years with Graco, Mr. Lowe has been Treasurer, Vice President of Lubrication Equipment Division and was most recently Vice President and General Manager of European Operations.

Fred A. Sutter, age 44, has been named Vice President and General Manager of the Applied Fluid Technologies Division. Mr. Sutter will be responsible for leading Graco's sealant, adhesives and protective coatings product categories, including Graco's recent acquisitions of Liquid Control Corporation and Gusmer Corporation. In his 10 years with Graco, Mr. Sutter has been the Director of Industrial Marketing, Vice President of Asia Pacific and Latin America and was most recently Vice President of the Industrial/Automotive Equipment Division.

These new business units will comprise the Industrial/Automotive Equipment Division for financial reporting purposes.

Graco's President and Chief Executive Officer David A. Roberts said, "We are making these changes as the direct result of our recent acquisitions of Liquid Control Corporation and Gusmer Corporation. By appointing David and Fred to these positions we will bring more focus to our Industrial and Automotive served markets and help our efforts to successfully manage the two businesses we recently acquired."

Cautionary Statement Regarding Forward-Looking Statements

A forward-looking statement is any statement made in this announcement and other reports that the Company files periodically with the Securities and Exchange Commission, as well as in press releases, analyst briefings, conference calls and the Company's Annual Report to shareholders which reflects the Company's current thinking on market trends and the Company's future financial performance at the time they are made. All forecasts and projections are forward-looking statements.

The Company desires to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 by making cautionary statements concerning any forward-looking statements made by or on behalf of the Company. The Company cannot give any assurance that the results forecasted in any forward-looking statement will actually be achieved. Future results could differ materially from those expressed, due to the impact of changes in various factors. These risk factors include, but are not limited to: economic conditions in the United States and other major world economies, currency fluctuations, political instability, changes in laws and regulations, and changes in product demand. Please refer to Exhibit 99 to the Company's Annual Report on Form 10-K for fiscal year 2003 for a more comprehensive discussion of these and other risk factors.

Investors should realize that factors other than those identified above and in Exhibit 99 might prove important to the Company's future results. It is not possible for management to identify each and every factor that may have an impact on the Company's operations in the future as new factors can develop from time to time.

Source: Graco Inc.


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