Parker and Nabtesco Form Strategic Alliance to Sell Commercial Vehicle Compressed Air Dryers |
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Parker Hannifin Corp., Instrumentation Products Div. - UK
6035 Parkland Blvd.
Cleveland, OH, 44124
USA
Press release date: December 29, 2008
CLEVELAND, December 29, 2008 - Parker Hannifin Corporation, the global leader in motion and control technology, announced today that it has signed an agreement with Nabtesco Corporation headquartered in Tokyo, Japan to market and sell Nabtesco's commercial vehicle compressed air dryers.
In the agreement, Parker's Racor Division located in Modesto, California and Nabtesco's Automotive Products Company located in Tokyo and Yamagata, Japan will collaborate to introduce the air dryers into the medium-duty and heavy-duty truck market in North America and South America.
Trucks with air brakes use air supplied from the on-board compressor to actuate the brakes. The water in compressed air can cause rust and/or freezing leading to brake malfunction. The air dryer removes the water from the compressed air and delivers clean, dry air into the brake system.
"Nabtesco is recognized as the market leader for commercial vehicle air dryers in Japan," said Peter Popoff, President of the Parker Filtration Group. "We welcome their technical expertise and innovative, high quality products which will allow Parker to expand its current business in the truck market.
"For nearly 40 years, Racor has been dedicated to advancing the technology of engine and mobile equipment filtration around the world. We are pleased that our state-of-the-art air dryer systems will now be available in the Americas. We are satisfied and delighted to be associated with the Parker brand and popular Racor products", said Mr. Takuma Segawa, Executive Officer and President of the Automotive Products Company, Nabtesco Corporation.
With annual sales exceeding $12 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 mobile, industrial and aerospace markets. The company employs approximately 62,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 52 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.
Contact:
Kathy Edge, Marketing Manager Parker Hannifin Corporation, Filtration Group, Cleveland, OH Telephone 209-575-7448 Division: Racor
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