CLEVELAND, Dec. 3 /PRNewswire-FirstCall/ -- Parker Hannifin (NYSE: PH),
the world leader in motion and control technologies, today announced that
it has acquired the Texas Thermowell Industries business of Bravura, Ltd.,
a leader in temperature sensing protection equipment. Parker purchased the
Texas Thermowell business for an undisclosed amount. The anticipated annual
revenue of the business for the fiscal year ending December 31, 2007 will
be approximately $5 million. The acquisition is expected to be accretive in
its first full year of integration within Parker's Instrumentation Group
and will be reported in Parker's Industrial North America Segment.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
"Texas Thermowell products will give Parker a solid foundation in
critical temperature sensing applications within chemical processing and
petroleum refining markets," said John Greco, President of Parker's
Instrumentation Group. "Temperature sensing is among the most commonly
required control applications in processing plants which may have dozens of
temperature monitoring points using these devices to protect sensors.
Customers in the industrial and analytical markets already served by Parker
will benefit from this expansion of our technological capability."
"We're pleased to become part of the Parker family," said Clint Talbot,
Texas Thermowell President. "Parker's strong global presence will provide
new distribution channels for our products, as well as exciting
opportunities for our employees."
Since 1982, the Texas Thermowell business has specialized in the
development and manufacture of precision instruments that protect
temperature sensing equipment. The Texas Thermowell headquarters and
manufacturing facility is located in Beaumont, TX.
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
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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
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