CLEVELAND, Nov. 1 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH), the world leader in motion and control technologies, today
announced that it has acquired Kay Pneumatics Ltd., a manufacturer of
pneumatic valves, cylinders and precision electro-pneumatic control systems
for transportation, semi-conductor, medical and general industrial markets.
Known as KV Automation, the company is headquartered in Milton Keynes, UK,
and has operations in the United States, Spain, France, Netherlands,
Thailand, China and United Arab Emirates and reported sales of
approximately $43 million for the fiscal year ending April 30, 2007. Terms
of the deal were not disclosed. The acquisition is expected to be accretive
to earnings in its first full year of operations.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
KV Automation will operate within Parker's Automation Group. Sales will
be reported largely within Parker's Industrial International segment. KV
will continue to leverage its unique rapid prototyping capability to design
and manufacture fully integrated electro-pneumatic and electro-fluidic
system solutions for customer specific applications. Some typical
applications include bus door actuation, anesthesia and mobile emergency
ventilator modules for medical use and pressure regulation systems used in
the ultra pure semiconductor production environment.
"We are very excited to welcome the KV team to Parker's Automation
Group," said Roger Sherrard, Group President - Automation. "Their
innovative, systems driven culture of more than forty years complements our
own and strengthens our industry expertise in key markets. These extensive
capabilities, already well aligned with our global target markets, will
allow us to bring even more value our customers."
"We have been aware of Parker as the motion and control leader for
quite some time," said Tony Cersell, Managing Director, KV Ltd. "Our
internal discussions determined that a candidate to acquire KV must be an
industry leader of high reputation, able to leverage our pneumatic
technology integration strengths, embrace our culture and work ethic, and
demonstrate a human resources ability to provide career development
opportunities to KV employees. We are pleased that Parker meets all of
those expectations."
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, 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: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 and Treasurer,
+1-216-896-2240, phuggins@parker.com, both of Parker Hannifin
Corporation
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