Parker Acquires Gulf Coast Seal Limited to Build on Its Oil and Gas Market Position and Extend Its Quick Response Service Model |
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Parker Hannifin Corp.
6035 Parkland Blvd.
Cleveland, OH, 44124-4141
USA
Press release date: November 16, 2010
CLEVELAND, Nov. 16, 2010 -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has acquired Gulf Coast Seal Limited based in Houston, Texas. Gulf Coast Seal (GCS) is a leading provider of highly engineered elastomeric and plastic sealing components and sub-systems for use in offshore oil and gas applications as well as quick response machining and value added services. Gulf Coast Seal has facilities located in Houston, Texas and in Glasgow, Scotland. Terms of the transaction were not disclosed. The acquisition is expected to be accretive to earnings in its first full year of operations.
Gulf Coast Seal has annual sales of approximately $45 million and employs approximately 160 people. Sales will be reported in Parker's Industrial reporting segment and the acquired company will be integrated into the Engineered Polymer Systems Division, which is headquartered in Salt Lake City, UT and is part of the Parker Seal Group.
"This acquisition further strengthens our ability to service the critical oil and gas market and accelerates our growth globally in this key area," said Kurt Keller, President of Parker's Seal Group. "In addition, GCS provides Parker a product line extension, manufacturing a full line of PEEK components, accompanied by a quick response cell, kitting and assembly. Importantly, the GCS culture is focused on providing superior service to their customers, which is the primary goal of Parker's Win strategy."
"Parker acquiring Gulf Coast Seal is recognition of the prominent market position we have worked so hard to achieve," said Steve Leatherwood, President of Gulf Coast Seal. "Joining a highly respected global operation will allow us to expand the business far beyond what we would be capable of doing on our own, while still allowing us to operate with the autonomy and agility to meet our customer's needs. We are excited and pleased to be a part of Parker, which like us puts it customers first and we are fully committed to staying with the business as we work on a smooth transition in the next several years."
With annual sales of $10 billion in fiscal year 2010, 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 mobile, industrial and aerospace markets. The company employs approximately 55,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 54 consecutive fiscal 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 www.parker.com, or its investor information web site at www.phstock.com.
SOURCE Parker Hannifin Corporation
CONTACT:Media,Aidan Gormley,Director,Corporate Communications,+1-216-896-3258,aidan.gormley@parker.com,
Financial Analysts,Pamela Huggins,Vice President &Treasurer,+1-216-896-2240,phuggins@parker.com
Web Site: http://www.phstock.com
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