Parker Acquires Tecknit Division of Technical Wire Products, LLC and its Affiliates
Adds Strength to Existing Range of Electromagnetic Interference Shielding Products
CLEVELAND, Oct 16, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Parker Hannifin Corporation (NYSE: PH), the world leader in motion and control technologies, today announced the acquisition of the Tecknit Division of Technical Wire Products, LLC and its affiliates, a global provider of electromagnetic interference (EMI) shielding products. Revenues of the acquired business totaled approximately $18.3 million in 2005. Earnings are expected to be accretive to Parker in the first full year. Terms of the deal were not disclosed.
Commencing operations in 1958, the Tecknit business is headquartered in Cranford, New Jersey, employs approximately 250 people, and occupies over 90,000 square feet of manufacturing and office space in the U.S., UK, Mexico and China. Its manufacturing facilities are ISO 9001:2000 certified.
Steven Ferrie, CEO of Technical Wire Products, LLC stated, "The acquisition of the Tecknit division by Parker provides Tecknit's customers, employees, and many valued business partners the opportunity to work with a world class company that is committed to providing innovative EMI Shielding Material solutions to the many markets that Tecknit serves."
Tecknit will be integrated into Parker's Chomerics division, a unit of Parker's global Seal Group. Heinz Droxner, President of Parker's Seal Group, commented that, "Tecknit's facilities in strategic locations in Europe, North America and Asia enable us to more effectively integrate manufacturing, sales, service and logistics to serve our global customers in an increasingly competitive environment. The acquisition of Tecknit adds value to Parker Chomerics' leadership position in EMI shielding by providing complementary products for applications in telecommunications, defense, consumer and medical electronics."
About Parker Chomerics
The Chomerics division of Parker Hannifin Corp. (Woburn, MA) is a global leader in development and application of advanced materials for emerging technologies in electronics, transportation and alternative energy systems. Parker Chomerics is the first choice in EMI shielding and thermal management solutions for telecommunications, information technology, medical devices, automotive, military, commercial and consumer electronics industries. For details, visit www.chomerics.com. Parker Chomerics is a registered trademark of Parker Hannifin Corporation.
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 www.phstock.com.
Parker Hannifin Corporation
Christopher M. Farage
Vice President, Corp. Communications