Parker Strengthens Global Fluid Handling Business with Acquisition of Rectus AG |
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Parker Hannifin Corp., Partek Instrumentation Group
6035 Parkland Blvd.
Cleveland, OH, 44124
USA
Press release date: April 2, 2007
CLEVELAND, April 2: Parker Hannifin (NYSE:PH), the global leader in motion and control technologies, today announced the acquisition of Rectus AG, a leading manufacturer of quick disconnect couplings and related products for pneumatic, hydraulic, medical and chemical processing applications. The company employs approximately 380 people worldwide including its headquarters in Nussdorf, Germany, its Nycoil operation in Randleman, North Carolina, its TEMA operation in Skovde, Sweden and several international sales offices. Rectus' revenues were approximately $115 million in 2006. Earnings are expected to be accretive to Parker in the first full year. Terms of the deal were not disclosed.
Rectus will operate within the Industrial North America and Industrial International segments of Parker's global fluid connectors business. Bob Bond, President of Parker's Fluid Connectors Group, said, "Rectus compliments Parker's global presence in the pneumatic and hydraulic coupling market while significantly strengthening our European position. Their highly regarded products and systems are widely available through a select distribution network, and add to our ability to provide customers with the industry's most complete package of fluid handling technologies. We're eager to begin working closely with our new colleagues and to jointly capture the many synergies we have identified to the benefit of our combined customer base."
Rectus Owner and President Peter Klein added, "Parker and Rectus have enjoyed a growing business relationship for nearly two decades, including joint product development and private branding. The success of our past collaboration, combined with Parker's record of successfully integrating acquired companies, should provide our employees and customers with a strong feeling of comfort going forward. We anticipate continued profitable growth as part of the Parker worldwide organization."
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 http://www.parker.com/, or its investor information site at http://www.phstock.com/.
Source: Parker Hannifin
CONTACT: Media, Christopher M. Farage Vice President, Corp. Communications, +1-216-896-2750, cfarage@parker.com, Financial Analysts, Pamela Huggins, Vice President - Treasurer, +1-216-896-2240, phuggins@parker.com, both of Parker Hannifin Web site: http://www.phstock.com/
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