CLEVELAND, Aug. 6 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH), the global leader in motion and control technologies, today
announced the acquisition of the assets of Silver Cloud Manufacturing, a
maker of electromagnetic and radio frequency interference shielding
products and display filters for a variety of electronics applications.
Silver Cloud, a Millville, NJ unit of Xymox Technologies Inc., employs 54
people and reached $8.3 million in revenues for the year ended June 30,
2007. Terms of the deal were not disclosed.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Silver Cloud will operate as part of Parker's sealing and shielding
business within the company's Industrial North America segment. "Silver
Cloud's unique lamination technology and anti-reflective chemistry
knowledge are used to create products that are used in control panels,
monitors, handhelds, voting booths, in-flight entertainment screens and
medical devices," said Heinz Droxner, President of Parker's global Seal
Group. "This acquisition puts Parker among the leaders in this market niche
and also offers potential synergies with the Tecknit acquisition we
completed last year."
"Silver Cloud combines proprietary materials with custom display
filters to produce unique configurations that add value to a wide range of
OEM products," said Silver Cloud President and General Manager Bill Riland.
"Parker is an excellent fit for us and should help us to continue growing
our business profitably."
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 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;
Financial Analysts, Pamela Huggins, Vice President - Treasurer,
+1-216-896-2240, phuggins@parker.com, both of Parker Hannifin
Corporation
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