Parker Bolsters Electronics Shielding and Filtering Capability with Acquisition of Silver Cloud Manufacturing
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CLEVELAND, Aug. 6 -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced the acquisition of the assets of Silver Cloud Manufacturing, a maker of electromagnetic and radio frequency interference shielding products and display filters for a variety of electronics applications. Silver Cloud, a Millville, NJ unit of Xymox Technologies Inc., employs 54 people and reached $8.3 million in revenues for the year ended June 30, 2007. Terms of the deal were not disclosed.
Silver Cloud will operate as part of Parker's sealing and shielding business within the company's Industrial North America segment. "Silver Cloud's unique lamination technology and anti-reflective chemistry knowledge are used to create products that are used in control panels, monitors, handhelds, voting booths, in-flight entertainment screens and medical devices," said Heinz Droxner, President of Parker's global Seal Group. "This acquisition puts Parker among the leaders in this market niche and also offers potential synergies with the Tecknit acquisition we completed last year."
"Silver Cloud combines proprietary materials with custom display filters to produce unique configurations that add value to a wide range of OEM products," said Silver Cloud President and General Manager Bill Riland.
"Parker is an excellent fit for us and should help us to continue growing our business profitably."
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 Corporation
CONTACT: Media, Christopher M. Farage, Vice President, Corp.
Communications, +1-216-896-2750, cfarage@parker.com;
Web site: www.phstock.com/
