[Gardner Denver Logo]                                           EXHIBIT 99.1



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                                PRESS RELEASE
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FOR IMMEDIATE RELEASE
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March 29, 2004                     Contact: Randall E. Schwedes
                                            Treasurer
                                            (217) 228-8224


            GARDNER DENVER, INC. CLOSES OFFERING OF COMMON STOCK

QUINCY, IL (March 29, 2004) - Gardner Denver, Inc. (NYSE:GDI) announced
today the completion of its public offering of 3,450,000 shares of its
common stock, which included the exercise in full of the underwriters'
option to purchase 450,000 shares of common stock to cover over-allotments.
The public offering price of the shares was $24.50. The shares were issued
pursuant to an effective shelf registration statement previously filed with
the Securities and Exchange Commission.

The Company expects to use the net proceeds from the offering for general
corporate purposes, which may include repayment of outstanding debt and
financing future acquisitions. Bear, Stearns & Co. Inc. was the sole
book-running manager for the offering and Robert W. Baird & Co.
Incorporated, McDonald Investments Inc., A Keycorp Company and Morgan Joseph
& Co. Inc. were co-managers.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities law of any such
jurisdiction. The final prospectus supplement and prospectus related to the
offering were filed with the Securities and Exchange Commission, copies of
which may be obtained from Bear, Stearns & Co. Inc., c/o Prospectus
Department at 383 Madison Avenue, New York, New York 10179, (631) 274-8321.

Gardner Denver, with 2003 revenues of $440 million, is a leading
manufacturer of reciprocating, rotary and vane compressors and blowers for
various industrial applications and pumps used in the petroleum and
industrial markets. Gardner Denver's news releases are available by visiting
the Investor Relations page on the Company's website
(www.gardnerdenver.com).

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