Parker Expands Offering for Biotech Market with Acquisition of Mitos Technologies, Inc.
CLEVELAND, July 2 / -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced the acquisition of Mitos echnologies, Inc. Mitos manufactures fluid-handling products and systems designed specifically to meet the high purity requirements of the biotech industry, including tubing and hose, valves, pumps and molded components. Mitos had revenues of $5.5 million in 2006 and employs approximately 40 people at its headquarters in Phoenixville, PA. Terms of the deal were not disclosed.
Mitos will operate within Parker's Industrial North America Segment. Robert W. Bond, President of Parker Hannifin's Fluid Connectors Group noted that, "Demand in the biotech market is less sensitive than other markets to the ups and downs typical of economic cycles. In Mitos, we have acquired a biotech supplier with a diverse product line supported by significant intellectual property and patent protection. We also see significant synergies between Mitos and other recent Parker acquisitions such as Rectus Ag, Dominick Hunter, and Texloc & Page. Together, these businesses will enable Parker to offer biotech customers the most comprehensive fluid solutions available."
Founder and President of Mitos, Steven D. Welch, added, "Having the global resources and access to customers that Parker offers will allow Mitos to accelerate our innovative product development platforms while continuing to exceed our revenue growth targets. This is a win for our employees, customers and suppliers."
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 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 http://www.phstock.com/.
SOURCE: Parker Hannifin Corporation
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