CLEVELAND, Aug. 24 -- Parker Hannifin Corporation (NYSE:PH), the global leader in motion and control technologies, today announced that it has acquired Micro Thermo Technologies of Quebec, Canada from Carrier Corporation. Micro Thermo Technologies is a leading manufacturer of refrigeration controls and energy management systems for supermarket applications. Terms of the transaction were not disclosed. The acquisition is expected to be accretive to earnings in its first full year of operations.
Micro Thermo Technologies had sales of approximately $10 million for the year ended December 31, 2009 and employs approximately 50 people. Sales will be reported in Parker's Climate and Industrial Controls reporting segment and the acquired company will be integrated into the Electronics business unit of Parker's Sporlan Division.
"This acquisition strengthens our ability to establish the most complete range of electronic and mechanical control systems for supermarket refrigeration and HVAC systems," said Tom Healy, President of Parker's Climate and Industrial Controls Group. "Micro Thermo Technologies has built a strong reputation for quality electronic controls in markets that are complementary to our Sporlan brand mechanical controls markets in North America. These combined capabilities extend our position as a systems provider to our customers and can help drive growth in this part of our business."
With annual sales of $10 billion in fiscal year 2010, 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 55,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 54 consecutive fiscal 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 web site at www.phstock.com.
Source: Parker Hannifin Corporation