Parker Expands Presence in Fluid Power and Process Control Markets with the Acquisition of Snap-tite Incorporated
Share:
CLEVELAND, April 3, 2012 - Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has acquired Snap-tite Incorporated of Erie, Pennsylvania. Snap-tite is a manufacturer of innovative high-pressure fluid power components for oil and gas, industrial and research markets. Terms of the transaction were not disclosed.
Snap-tite has annual sales of approximately $100 million and employs 500 people. The company has operations in Erie, Pennsylvania; Union City, Pennsylvania; Houston, Texas; and Wexford, Ireland. The acquired company will be integrated into Parker's Instrumentation and Fluid Connector Groups, both of which are included in the Industrial Segment. Approximately 64 percent of the sales will be reported as North America Industrial and 36 percent reported as International.
"This acquisition will allow us to extend our leadership position in fluid power and process control markets," said John Greco, President of Parker's Instrumentation Group. "Snap-tite has built a strong reputation particularly in the oil and gas and industrial fluid power markets, which are strategic markets for Parker. By acquiring Snap-tite we have expanded our offering into high pressure applications allowing us now to offer customers a broad suite of solutions across the spectrum of vacuum and pressure connections. The acquired product lines also help Parker fill some important niche product gaps within our fluid power markets. We are excited to welcome the Snap-tite employees to the Parker family and anticipate that our combined strengths will make for a compelling offering for our customers."
John Clark, President and CEO of Snap-tite, said, "As a third generation family business, we are proud of the accomplishments of everyone involved in growing Snap-tite from its inception in 1935 until today. We are pleased to be able to hand over stewardship of this legacy to Parker and are confident in the growth opportunities which will be created within their decentralized and entrepreneurial business culture."
With annual sales exceeding $12 billion in fiscal year 2011, 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 58,000 people in 47 countries around the world. Parker has increased its annual dividends paid to shareholders for 55 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.
SOURCE Parker Hannifin Corporation
