Parker Acquires Chilean Provider of Hydraulic Cylinders and Services
Share:
CLEVELAND, Dec. 13 -- Parker Hannifin (NYSE: PH), the world leader in motion and control technologies, today announced the acquisition of Ingenieria y Servicios Metalcrom Limitada, a Chilean industrial and mobile hydraulic cylinder manufacturer and cylinder repair service provider. Revenues of the acquired business totaled approximately $2.2 million in 2005. Earnings are expected to be accretive to Parker in the first full year. Terms of the deal were not disclosed.
Metalcrom is headquartered in Santiago with an additional facility in Copiapo and employs approximately 60 people. The company produces hydraulic cylinders for a variety of industrial and mobile markets including mining, steel mills, and pulp and paper.
Metalcrom will be integrated into Parker's Argentina Division within the company's Industrial International segment. Ricardo Machado, President of Parker's Latin American Group, commented that, "The acquisition of Metalcrom, a leader in the Chilean new and repaired industrial and mobile cylinder market, enables us to increase our market share in the mining sector and increases our ability to deliver systems in the future. Metalcrom's local production, delivery and service also help customers avoid the high costs associated with production downtime."
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 www.parker.com/, or its investor information site at http://www.phstock.com/.
Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
SOURCE: Parker Hannifin Corporation
CONTACT: Media, Christopher M. Farage, Vice President, Corp. Communications, +1-216-896-2750, or cfarage@parker.com, or Financial Analysts, Pamela Huggins, Vice President - Treasurer, +1-216-896-2240, or phuggins@parker.com, both of Parker Hannifin Corporation
Web site: http://www.phstock.com/
