CLEVELAND, April 4, 2008 /PRNewswire-FirstCall/ -- Parker Hannifin
Corporation (NYSE: PH), the global leader in motion and control
technologies, today announced that it has acquired all of the issued and
outstanding shares of the capital stock of HTR Holding Corp. and its
subsidiaries, including Hi- Tech Rubber, Inc., Inland Technologies, Inc.,
Ventrex, Inc. and Accusil, Inc. The acquired companies operate under their
own names and under the trade names Hi-Tech Group, A.C. Hoffman Engineering
and Infinity Plastics. Terms of the deal were not disclosed. HTR Holding
Corp. sales for its fiscal year ended December 31, 2007, on a consolidated
basis, were approximately $93 million. The acquisition is expected to be
accretive to earnings within its first full year of operations and its
sales will be reported as part of Parker's Industrial North America
segment.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
The Hi-Tech Group companies provide precision plastic and elastomeric
components for medical devices such as intravenous equipment, drug infusion
pumps, masks, septums, respirator hoses, catheters and diaphragms sold
directly to original equipment manufacturers. Hi-Tech also produces
components for various pump valves, liquid control valves and other non-
medical devices.
The acquired business will be integrated as a new division, called the
Medical Systems Division, within Parker's Seal Group. "The Hi-Tech Group
companies will give us greater access to the medical device market space,"
said Heinz Droxner, President of Parker's Seal Group. "Parker has been a
major supplier of seals for high tech applications in several strategic
market segments for many years. These include the electronics,
semiconductor, aerospace and life sciences market segments. With our
capabilities to engineer innovative, high quality seals in high volume, our
combined companies will have increased opportunities to provide value in
the life sciences market. We will be in a position to improve the
productivity and profitability of our customers."
About Parker
With annual sales exceeding $10 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
http://www.parker.com , or its investor information site at
http://www.phstock.com .
Forward-Looking Statements:
Forward-looking statements contained in this and other written and oral
reports are made based on known events and circumstances at the time of
release, and as such, are subject in the future to unforeseen uncertainties
and risks. All statements regarding future performance, earnings
projections, events or developments are forward-looking statements. It is
possible that the future performance and earnings projections of the
company and individual segments may differ materially from current
expectations, depending on economic conditions within both its industrial
and aerospace markets, and the company's ability to maintain and achieve
anticipated benefits associated with announced realignment activities,
strategic initiatives to improve operating margins, and growth, innovation
and global diversification initiatives. A change in economic conditions in
individual markets may have a particularly volatile effect on segment
results. Among the other factors which may affect future performance are:
changes in business relationships with and purchases by or from major
customers or suppliers, including delays or cancellations in shipments or
significant changes in financial condition; uncertainties surrounding
timing, successful completion or integration of acquisitions; threats
associated with and efforts to combat terrorism; competitive market
conditions and resulting effects on sales and pricing; increases in raw-
material costs that cannot be recovered in product pricing; the company's
ability to manage costs related to employee retirement and health care
benefits and insurance; and global economic factors, including
manufacturing activity, air travel trends, currency exchange rates,
difficulties entering new markets and general economic conditions such as
inflation, interest rates and credit availability. The company makes these
statements as of the date of this disclosure, and undertakes no obligation
to update them.
SOURCE Parker Hannifin Corporation
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Related links:
http://www.phstock.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Media, Christopher M. Farage, Vice President,
Corp. Communications, +1-216-896-2750, cfarage@parker.com, or
Financial Analysts, Pamela Huggins, Vice President & Treasurer,
+1-216-896-2240, phuggins@parker.com
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