Parker Adds to Global Sales and Service Organization With Acquisition of Acal's Air Conditioning and Refrigeration Business
CLEVELAND, July 10-- Parker Hannifin Corporation (NYSE: PH), the world leader in motion and control, today announced the acquisition of the air conditioning and refrigeration business (AC & R) of Acal plc. Acal's AC & R revenues totaled approximately $31.5 million (18.4 million pounds Sterling) for the year ended March 2006. Earnings are expected to be accretive to Parker in the first full year. Terms of the deal were not disclosed.
The majority of Acal's 40 employees are technical field sales engineers who will join Parker's global sales and service network. Parker will also gain three service centers, in Germany, France and the United Kingdom, as part of the transaction.
Prior to acquisition, U.K.-based Acal was the exclusive agent and distributor for all Parker Sporlan brand products everywhere in the world except North America, Mexico and Japan. Sporlan Valve Company was acquired by Parker in 2004 and is now an operating division of the company's Climate and Industrial Controls Group.
"Parker has had a very successful relationship with Acal as a channel partner," said Tom Healy, President of Parker's Climate and Industrial Controls Group. "Over the last forty years, the people of Acal have helped to make Sporlan one of the most recognized names in the global cooling industry. This acquisition brings Parker additional technical expertise, market knowledge and customer relationships, all of which will help us continue to grow our business outside of North America."
With annual sales exceeding $8 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 55,000 people in 46 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