Parker Acquires Acofab, Leading European Supplier of EMI Shielding and Thermal Management Products
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Parker Hannifin Corp.
500 S Glaspie St.
Oxford, MI, 48371
Press release date: July 6, 2006
CLEVELAND, July 6-- Parker Hannifin Corporation (NYSE: PH), the world leader in motion and control, today announced the acquisition of Acofab SAS and its common majority shareholder Adecem SARL, a leading European supplier of electromagnetic interference (EMI) shielding and thermal management products. Revenues of the acquired business totaled approximately $12.9 million (euro 10.2 million) for the year ended December 2005. Earnings are expected to be accretive to Parker in first full year. Terms of the deal were not disclosed.
Located in the Vert-Galant industrial area of Saint-Ouen l'Aumone (Val d'Oise) outside of Paris, Acofab employs 64 people in the production of highly engineered EMI shielding gaskets and accessories, conductive thermoplastics, thermal management materials, HF absorbers, dielectric materials and sealing gaskets. Major markets for the company include telecom, military and consumer electronics.
Acofab will be integrated into Parker's Chomerics Division, a unit of the company's global Seal Group. "The value added solutions, technical expertise and strong customer relationships provided by Acofab have enabled them to develop a reputation as specialists in EMI shielding and thermal management in their focused markets," said Heinz Droxner, President of Parker's Seal Group. "This acquisition will enable Parker to better serve the needs of our European based customers and the ever expanding global electronics market."
With annual sales exceeding $8 billion, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets. The company employs more than 55,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 50 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's web site at http://www.parker.com, or its investor information site at http://www.phstock.com.
SOURCE: Parker Hannifin Corporation
CONTACT: Media Christopher M. Farage - Vice President, Corp. Communications +1-216-896-2750 email@example.com Parker Hannifin Corporation
Web site: http://www.phstock.com