October 24, 2005

Hoshizaki to Acquire Lancer

Hoshizaki America announced the pending acquisition of Lancer Corp. The transaction is reportedly valued at $215 million and completion of the deal is contingent on regulatory review and approval by the shareholders of Lancer Corp., which is expected by Feb. 1, 2006.

“Our customers, employees and vendors should know that now, and following the completion of this transaction, it will be business as usual,” said George Schroeder and Jud Schroeder, directors and co-founders of Lancer Corp., in a joint statement. “We believe that our new partner will help us continue to focus on a business plan that is dedicated to developing innovative products and growth in our markets.”

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