Gardner Denver names Larsen CEO, says still exploring sale

Mon Nov 19, 2012 8:45am EST

Nov 19 (Reuters) - Gardner Denver Inc said on Monday its board has named Michael Larsen president and chief executive officer as the industrial machinery maker pursues strategic alternatives, including a possible sale.

Larsen, a former General Electric Co executive, has served as finance chief of Gardner Denver since 2010 and was named acting CEO in July. He will continue to serve as CFO until a successor is named.

The board is still exploring a possible sale or merger of the company but has made no decision and cannot be assured a deal will be reached, the company said. During the process, the company is also cutting costs and restructuring its European operations.

Private equity firm KKR Co & LP and a partnership of buyout firms TPG Capital and Onex Corp advanced to the next round of bidding for Gardner Denver, several people familiar with the matter said last week.