CLEVELAND, July 2 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH), the global leader in motion and control technologies, today
announced the acquisition of Mitos Technologies, Inc. Mitos manufactures
fluid-handling products and systems designed specifically to meet the high
purity requirements of the biotech industry, including tubing and hose,
valves, pumps and molded components. Mitos had revenues of $5.5 million in
2006 and employs approximately 40 people at its headquarters in
Phoenixville, PA. Terms of the deal were not disclosed.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Mitos will operate within Parker's Industrial North America Segment.
Robert W. Bond, President of Parker Hannifin's Fluid Connectors Group noted
that, "Demand in the biotech market is less sensitive than other markets to
the ups and downs typical of economic cycles. In Mitos, we have acquired a
biotech supplier with a diverse product line supported by significant
intellectual property and patent protection. We also see significant
synergies between Mitos and other recent Parker acquisitions such as Rectus
Ag, Dominick Hunter, and Texloc & Page. Together, these businesses will
enable Parker to offer biotech customers the most comprehensive fluid
solutions available."
Founder and President of Mitos, Steven D. Welch, added, "Having the
global resources and access to customers that Parker offers will allow
Mitos to accelerate our innovative product development platforms while
continuing to exceed our revenue growth targets. This is a win for our
employees, customers and suppliers."
With annual sales exceeding $9 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 achieve and maintain anticipated benefits associated with announced
realignment activities, strategic initiatives to improve operating margins,
and growth and innovation 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;
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 and interest rates. 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, both of Parker Hannifin
Corporation
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