Parker Acquires Composites Technology Company to Enable Energy Saving Solutions
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Combination of light weight carbon fiber composites technology and Parker's hydraulic expertise anticipated to yield new customer solutions
CLEVELAND, Sept. 4 - Parker Hannifin Corporation, the world leader in motion and control technologies, today announced that it has acquired Lingk & Sturzebecher of Stuhr, Germany. The acquired company, better known regionally as L&S, is a manufacturer of light weight carbon fiber high pressure cylinders and actuators including those based on composite technologies, for aerospace, mobile and industrial markets. This composite material technology will enable Parker to develop hydraulic components with significantly reduced energy burden for the power systems of machines equipped with hydraulics.
Terms of the transaction were not disclosed. The acquisition is expected to be accretive to earnings in its first full year of operations. Sales will be reported in Parker's Industrial International reporting segment. In the fiscal year ended December 31, 2007, L&S achieved 7.6 million euros (approximately $11.2 million) in sales.
L&S will become part of the global operations of Parker's hydraulic technology business. It will complement a broad line of hydraulic components and systems including pumps, motors, valves, cylinders, hydraulic drives, electronic controls, energy recovery systems, vehicle cooling and engine management systems.
"We are excited to welcome L&S to Parker," said Jeff Cullman, Group President - Hydraulics. "Its composite technology competence creates the opportunity for us to provide integrated solutions such as energy recovery systems for mobile equipment produced by leading international manufacturers. It will add real value for our customers."
"We have been aware of and cooperated with Parker for quite some time," said Carsten Mueller, Managing Director of L&S. "We believe the combination provides an excellent way for Parker's global customer base to access this technology".
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 commercial, 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 www.parker.com/, or its investor information site at http://www.phstock.com/.
CONTACT: Media: Christopher M. Farage, Vice President, Corp.
Communications, +1-216-896-2750, cfarage@parker.com, or Financial Analysts:
Pamela Huggins, Vice President & Treasurer, +1-216-896-2240, phuggins@parker.com, both of Parker Hannifin Corporation
Web site: http://www.phstock.com/
Source: Parker Hannifin Corporation
