Parker Hannifin Acquires Texas Thermowell Business of Bravura Ltd Broadening Range of Instrumentation Growth Opportunities
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CLEVELAND, Dec. 3 / -- Parker Hannifin (NYSE: PH), the world leader in motion and control technologies, today announced that it has acquired the Texas Thermowell Industries business of Bravura, Ltd., a leader in temperature sensing protection equipment. Parker purchased the Texas Thermowell business for an undisclosed amount. The anticipated annual revenue of the business for the fiscal year ending December 31, 2007 will be approximately $5 million. The acquisition is expected to be accretive in its first full year of integration within Parker's Instrumentation Group and will be reported in Parker's Industrial North America Segment.
"Texas Thermowell products will give Parker a solid foundation in critical temperature sensing applications within chemical processing and petroleum refining markets," said John Greco, President of Parker's Instrumentation Group. "Temperature sensing is among the most commonly required control applications in processing plants which may have dozens of temperature monitoring points using these devices to protect sensors. Customers in the industrial and analytical markets already served by Parker will benefit from this expansion of our technological capability."
"We're pleased to become part of the Parker family," said Clint Talbot, Texas Thermowell President. "Parker's strong global presence will provide new distribution channels for our products, as well as exciting opportunities for our employees."
Since 1982, the Texas Thermowell business has specialized in the development and manufacture of precision instruments that protect temperature sensing equipment. The Texas Thermowell headquarters and manufacturing facility is located in Beaumont, TX.
With annual sales exceeding $10 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 51 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 www.phstock.com/.
SOURCE: Parker Hannifin
CONTACT:
Media, Christopher M. Farage, Vice President
+1-216-896-2750
cfarage@parker.com
Web site: www.phstock.com/
