CLEVELAND, Nov. 1 /PRNewswire-FirstCall/ -- Parker Hannifin
Corporation's (NYSE: PH) Parker Aerospace today announced that it has
acquired Shaw Aero Devices, Inc. a producer of aerospace components and
equipment. Terms of the deal were not disclosed.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Based in Naples, Florida, Shaw Aero Devices, Inc. was founded in 1956
and has 250 employees. The company, which invented patented safety-lock,
flush- mounted fuel and lightning safe caps, also produces other caps and
adapters, fuel system components, lubrication and hydraulic system
equipment, and water and waste components for aerospace markets, including
both commercial and military aircraft and their engines. The business had
sales of $45 million in 2007. The acquisition is expected to be accretive
to earnings in its first full year of operations.
Shaw Aero Devices will be integrated into Parker Aerospace's Air & Fuel
Division, headquartered in Irvine, California. The Air & Fuel Division is a
leading provider of aircraft fuel system components, aerial refueling
equipment, high-temperature bleed air valves, turbine clearance control
valves, air turbine starters, and aircraft fuel tank inerting systems and
components. The division also has facilities in Tolleson, Arizona, and
Guaymas, Mexico.
"Parker and Shaw's cultures are very similar. I am confident Parker is
the right home for Shaw's employees and this represents the best
opportunity to maintain the Shaw legacy," said James Shaw, Shaw Aero
Devices Chairman of the Board.
"We are very pleased that Shaw Aero Devices will be a part of the
Parker team," said Parker Aerospace President Bob Barker. "Its
well-developed product line complements the existing Air & Fuel Division
product line well and will allow us to provide more complete fuel, oil, and
hydraulic systems to our mutual customers throughout the global aerospace
market."
Parker Aerospace is an operating segment of Parker Hannifin
Corporation, and designs, manufactures, and services flight control,
hydraulic, fuel, and pneumatic components, systems, and related electronic
controls for aerospace and other high-technology markets.
Parker Hannifin Corporation. With annual sales exceeding US$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.
SOURCE Parker Hannifin Corporation
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Related links:
http://www.parker.com
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:
Business Media, Christopher M. Farage, Vice
President, Corp. Communications, +1-216-896-2750,
cfarage@parker.com, Trade Press Media, Alison Dittmeier, Manager,
Aerospace Communications, +1-949-851-3515, adittmeier@parker.com,
Financial Analysts, Pamela Huggins, Vice President, Treasurer,
+1-216-896-2240, phuggins@parker.com
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