Parker Expands Presence in the Latin America Hydraulic Filtration Market with Acquisition of HDA of Brazil
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CLEVELAND, Jan. 7, 2011 - Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has acquired HDA Acessorios e Equipamentos Ltd. of Sao Paulo, Brazil. HDA is a manufacturer of hydraulic filters and accessories typically used in the mobile equipment, industrial and agriculture markets with offices and a manufacturing location in Sao Paulo.
HDA has annual sales of approximately $10 million and employs 88 people. Sales will be reported in Parker's Industrial reporting segment and the acquired company will be integrated as a business unit within the Parker Latin America Group.
"This acquisition will allow us to establish a presence in the local hydraulic filter market and offers us a new distribution channel that can complement Parker's existing distributor network throughout the region," said Ricardo Machado, President of Parker's Latin America Group. "In addition, HDA enjoys a good reputation in the market and helps us achieve our goal of broadening our offering of products to these critical end markets."
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: www.phstock.com
