CLEVELAND, April 7, 2008 /PRNewswire-FirstCall/ -- Parker Hannifin
Corporation (NYSE: PH), the global leader in motion and control
technologies, today announced that it has acquired Vansco Electronics, a
global leader in the design and manufacture of electronic controls,
displays and terminals, communication and operator interfaces, and sensors.
Vansco systems for mobile equipment, a primary Parker market, include key
applications for agricultural, construction, material handling, bus, RV,
and specialty truck equipment. Vansco facilities in Canada, the United
States, Finland, Belgium, and the United Kingdom employ 1,005 people. In
the fiscal year ending August 31, 2007, Vansco achieved sales of
approximately $180 million. Approximately 83 percent of Vansco's sales are
made in Parker's Industrial North America reporting segment. This
acquisition is expected to be accretive to earnings in its first full year
of operations. Terms of the deal were not disclosed.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Vansco will become a part of the global operations of Parker's
hydraulic technology business. It will complement a broad line of hydraulic
components and systems including pumps, motors, valves, cylinders,
hydraulic drives, energy recovery systems, and vehicle cooling and engine
management systems.
"We are very excited to welcome Vansco to Parker," said Jeff Cullman,
Group President - Hydraulics. "Its controls are complementary to our IQAN
controllers and sensors, which will allow us to completely integrate motion
control systems for mobile equipment produced by leading international
manufacturers. Parker and Vansco share a common customer base and the
combined strength of the two companies will further our ability to engineer
complete systems and improve the productivity and profitability of our
customers' products."
"We have been well aware of Parker as the motion and control leader for
quite some time," said Dr. Niels Erik Hansen, CEO of Vansco. "We are
pleased that Parker, an established leader in many of Vansco's markets,
will significantly expand our capability to service our many valued mobile
equipment customers."
About Parker Hannifin
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
 back to top
Related links:
http://www.phstock.com
Photo Notes: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, both
of Parker Hannifin Corporation
|
