CLEVELAND, May 12 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH), the global leader in motion and control technologies, today
announced that it acquired the remaining stake in its joint venture, Parker
Seal de Mexico, on April 30, 2008. Parker held a 49 percent stake in the
$8.3 million revenue company prior to acquiring the remaining interest from
multiple joint venture partners. Terms of the acquisition were not
disclosed.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
The acquired operation will become part of Parker's Seal Group, and its
results will be reported within the Industrial North America business
segment. "We were very fortunate to have an excellent partner in Mexico for
42 years. Now, as the sole owner of this operation, Parker can sell any of
its thousands of seal products into the Mexican market," said Heinz
Droxner, President of Parker's Seal Group. "This is part of our long term
strategy to serve customers who have operations in Mexico, and positions
Parker to meet all of their sealing requirements in-country," said Droxner.
Parker manufactures seals by various processes in a broad range of
fluorocarbon, PTFE and metal materials for use in liquid, gas, automotive,
food processing, medical and electromagnetic shielding applications.
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 52 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.
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,
Financial Analysts, Pamela Huggins, Vice President & Treasurer,
+1-216-896-2240, phuggins@parker.com, both of Parker Hannifin
Corporation
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