Parker Acquires Power Systems Integrator in India
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CLEVELAND, Jan. 10-- Parker Hannifin Corporation (NYSE: PH) has acquired SSD Drives India, Pvt. Ltd. from the UniDEL India Group, a privately held automation and technology group, for an undisclosed amount. SSD Drives India, Pvt. Ltd., which had fiscal 2006 annual sales of approximately $7 million, will be integrated within Parker's Automation Group as the SSD India business unit. The acquisition is expected to be accretive to earnings within the first full year of integration. Ongoing results for the acquisition will be reported as part of Parker's International Industrial segment.
Headquartered in Chennai, SSD India designs, integrates and sells low voltage AC, DC, and servo-drive systems to power and control continuous and discrete manufacturing processes. The company operates seven regional sales offices throughout India.
"We are particularly excited about their capability as a systems integrator,"
commented Roger Sherrard, President of Parker's Automation business. "India is among the fastest growing manufacturing economies in the world. Our existing strong relationship and SSD India's outstanding local engineering capability will enhance our ability to increase the productivity and profitability of our served customers through complete automation solutions."
Joe Vicic, Parker's President, Asia Pacific Group, said, "SSD drives will be a valuable addition to our customer offering in India. Parker India has been rapidly expanding its total system capability and this new addition to our Parker family will bring greater value and improved problem solving to our customers in the region."
Sunil Dalal, Managing Director of UniDEL Group, said, "SSD India has a leading market position in India in several industry segments built over the last decade under the UniDEL Group. As the Indian manufacturing industry globalizes, SSD India and its customers will directly benefit by being a part of the Parker global network."
Parker had previously acquired SSD Drives Holding Limited from Compass Partners International Limited in August of 2005, also an integral part of the Automation Group. The acquisition of SSD Drives India gives Parker a strong footprint in India and makes systems integration, value-added engineering and application expertise for existing SSD product customers available in the country.
With annual sales exceeding $9 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 57,000 people in 43 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 www.parker.com/, or its investor information site at http://www.phstock.com/.
CONTACT:
Media,
James C. Cartwright,
Communications Manager,
+1-216-896-2752,
or jcartwright@parker.com,
Pamela Huggins,
Vice President - Treasurer,
+1-216-896-2240,
or phuggins@parker.com,
both of Parker Hannifin Corporation
Web site: http://www.phstock.com/
