CLEVELAND, June 3 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH), the global leader in motion and control technologies, today
announced that it has acquired Titan Industries, a manufacturer of
industrial rubber, custom made and composite hoses for fluid and material
transfer as well as related products, services, and accessories.
Headquartered in South Gate, California, Titan has additional locations in
Houston, Texas and Salisbury, North Carolina, and employs 150 people. Titan
Industries achieved sales of $28 million last year. The acquisition of
Titan strengthens Parker's position as an industry leader in the industrial
hose market by substantially expanding the product offering and providing
entrance into the marine, aircraft, food and dock side refueling markets.
The acquisition is expected to be accretive to earnings within its first
year of operation. Titan's results will be reported within the Industrial
North America segment. Terms of the deal were not disclosed.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Titan will be integrated into the Industrial Hose Products Division,
part of Parker's world wide Fluid Connectors Group. It will complement a
broad line of hose products designed to meet the many demands of the
industrial marketplace; including chemical, petroleum, air, water, cement
and material handling applications.
"We are very excited to welcome Titan to Parker," said Bob Bond,
President, Fluid Connectors Group. "Titan has always been recognized as a
leader in the Industrial Hose business, providing premier customer service
and innovative products to the marketplace. Its custom made hose operations
in California and North Carolina specialize in designing and fabricating
products that expand Parker's strategic product portfolio. With Parker and
Titan teamed together, customers can be assured of hose assemblies that
will deliver maximum life, reliability, and productivity. The combined
strength of the two companies will further our ability to engineer complete
hose systems and improve the productivity and profitability of our
customers."
"Parker's superb products, reputation and distributor alliances will
dramatically enhance Titan's position in North America and elsewhere in the
world. We are excited to be a part of the Parker family, and look forward
to making a significant contribution to the Fluid Connectors Group sales
and profitability in the years to come," stated Todd Mackey, Titan's
President.
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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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
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