CLEVELAND, Nov. 16 /PRNewswire-FirstCall/ -- Parker Hannifin
Corporation (NYSE: PH), the world leader in motion and control
technologies, today announced that it has acquired the shares of Norwegian
manufacturer Scan Subsea ASA. Scan Subsea, publicly traded on the Oslo
Exchange, has projected sales of approximately $130 million this calendar
year.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Scan Subsea's primary businesses include the design, production, and
marketing of power and production umbilical cables for subsea installations
as well as mooring lines for floating oil production and exploration units.
The company has a modern manufacturing site in Tonsberg, Norway with its
own deep water quay providing direct ocean access for the large products it
manufactures. Additionally, the company is the market leader in the supply
of power transmission cables to the off-shore wind power industry and
provides technical services for its products to both industries.
Scan Subsea is headquartered in Oslo, Norway with manufacturing
operations in Tonsberg, and other locations in Drammen and Stavanger,
Norway. The company employs approximately 200 people.
"With its European focus, Scan Subsea complements our year old
acquisition of Cabett Subsea, which is predominantly focused on the Gulf of
Mexico," said Bob Bond, President - Fluid Connectors Group for Parker.
"Scan will benefit Parker globally by strengthening our offshore presence
on floating platforms in Europe, Asia and the Middle East."
"For Scan Subsea, we are delighted to become part of Parker with its
strong performance culture and global network of businesses," said Dirk
Blaauw, CEO of Scan Subsea and CEO of Blom ASA. "The Scan Subsea
organization is enthusiastic about the opportunities this creates for our
employees, customers and business partners."
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:
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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