- Combination of light weight carbon fiber composites technology and
Parker's hydraulic expertise anticipated to yield new customer solutions
CLEVELAND, Sept. 4 /PRNewswire-FirstCall/ -- Parker Hannifin
Corporation (NYSE: PH), the world leader in motion and control
technologies, today announced that it has acquired Lingk & Sturzebecher of
Stuhr, Germany. The acquired company, better known regionally as L&S, is a
manufacturer of light weight carbon fiber high pressure cylinders and
actuators including those based on composite technologies, for aerospace,
mobile and industrial markets. This composite material technology will
enable Parker to develop hydraulic components with significantly reduced
energy burden for the power systems of machines equipped with hydraulics.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Terms of the transaction were not disclosed. The acquisition is
expected to be accretive to earnings in its first full year of operations.
Sales will be reported in Parker's Industrial International reporting
segment. In the fiscal year ended December 31, 2007, L&S achieved 7.6
million euros (approximately $11.2 million) in sales.
L&S will become 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, electronic controls, energy recovery systems, vehicle
cooling and engine management systems.
"We are excited to welcome L&S to Parker," said Jeff Cullman, Group
President - Hydraulics. "Its composite technology competence creates the
opportunity for us to provide integrated solutions such as energy recovery
systems for mobile equipment produced by leading international
manufacturers. It will add real value for our customers."
"We have been aware of and cooperated with Parker for quite some time,"
said Carsten Mueller, Managing Director of L&S. "We believe the combination
provides an excellent way for Parker's global customer base to access this
technology".
With annual sales exceeding $12 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
approximately 62,000 people in 48 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 .
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; uncertainties surrounding
the ultimate resolution of outstanding litigation; 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
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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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