Parker Acquires Scan Subsea Expanding Presence in Offshore Oil Exploration
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CLEVELAND, Nov. 16 -- Parker Hannifin Corporation (NYSE: PH), the world leader in motion and control technologies, today announced that it has acquired the shares of Norwegian manufacturer Scan Subsea ASA. Scan Subsea, publicly traded on the Oslo Exchange, has projected sales of approximately $130 million this calendar year.
Scan Subsea's primary businesses include the design, production, and
marketing of power and production umbilical cables for subsea installations
as well as mooring lines for floating oil production and exploration units.
The company has a modern manufacturing site in Tonsberg, Norway with its own
deep water quay providing direct ocean access for the large products it
manufactures. Additionally, the company is the market leader in the supply of
power transmission cables to the off-shore wind power industry and provides
technical services for its products to both industries.
Scan Subsea is headquartered in Oslo, Norway with manufacturing operations in
Tonsberg, and other locations in Drammen and Stavanger, Norway. The company
employs approximately 200 people.
"With its European focus, Scan Subsea complements our year old acquisition of
Cabett Subsea, which is predominantly focused on the Gulf of Mexico," said Bob
Bond, President - Fluid Connectors Group for Parker. "Scan will benefit
Parker globally by strengthening our offshore presence on floating platforms
in Europe, Asia and the Middle East."
"For Scan Subsea, we are delighted to become part of Parker with its strong
performance culture and global network of businesses," said Dirk Blaauw, CEO
of Scan Subsea and CEO of Blom ASA. "The Scan Subsea organization is
enthusiastic about the opportunities this creates for our employees,
customers and business partners."
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
http://www.parker.com/, or its investor information site at
http://www.phstock.com/.
SOURCE: Parker Hannifin Corporation
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: www.phstock.com/
