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Home » Parker Hannifin Announces Acquisitions, Strong July Sales

Parker Hannifin Announces Acquisitions, Strong July Sales

August 9, 2005
More about:  Distribution & Manufacturing Acquisitions,  Industrial Distribution,  Parker Hannifin,  Power Transmission/Motion Control/Fluid Power Distribution

Parker Hannifin Corporation, Cleveland, OH, and the domnick hunter group plc. announced that Parker has agreed to a cash offer for all outstanding shares of domnick hunter. The offer is subject to certain regulatory approvals in the U.S. and Europe, and the necessary level of domnick hunter shareholder acceptance. The directors of domnick hunter are unanimously recommending that all domnick hunter shareholders accept the offer, which is also supported by domnick hunter senior management. The transaction is expected to close in the Fall of 2005.


 


Currently traded on the London Stock Exchange, domnick hunter, founded in 1963, is an international group of companies specializing in the design and manufacture of filtration, separation, and purification products and ...
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Parker Hannifin Corporation, Cleveland, OH, and the domnick hunter group plc. announced that Parker has agreed to a cash offer for all outstanding shares of domnick hunter. The offer is subject to certain regulatory approvals in the U.S. and Europe, and the necessary level of domnick hunter shareholder acceptance. The directors of domnick hunter are unanimously recommending that all domnick hunter shareholders accept the offer, which is also supported by domnick hunter senior management. The transaction is expected to close in the Fall of 2005.


 


Currently traded on the London Stock Exchange, domnick hunter, founded in 1963, is an international group of companies specializing in the design and manufacture of filtration, separation, and purification products and technologies for a wide range of markets. The domnick hunter group is headquartered in Durham, United Kingdom, and employs over 1,900 people, who will become part of Parker's Filtration Group, with results reported within the company's Industrial Segments.


 


The domnick hunter group had 2004 revenues of approximately $280 million. The acquisition is expected to be accretive to earnings after integration costs and synergies within the first full year of integration.


In a separate announcement, Parker Hannifin announced it has acquired the Herl Company (M.G. Herl Armaturenfabrik GmbH + Co. KG), a privately held manufacturer of industrial refrigeration valves and controls. Herl will become part of Parker's Climate & Industrial Controls Group, which provides refrigeration and air conditioning components, controls and systems. Terms of the deal were not disclosed.


With one location in Cologne, Germany, Herl has annual revenues of approximately $15 million. The company was established in 1932 and today sells its products to customers in nearly 60 countries. In addition to its strong product portfolio, Herl brings Parker new technology in the emerging area of environmentally optimal or "green" refrigerants.


"This is a complementary acquisition and helps Parker globalize its industrial refrigeration business, with Herl adding its solid position in Europe to Parker's leading position in North America," said Lynn Cortright, President of Parker's Climate & Industrial Controls Group. "We're pleased to welcome Herl to the Parker family and we look forward to better serving our industrial refrigeration customers worldwide."


Madeleine Herl, Owner and Managing Director of Herl commented "Parker and Herl are an excellent match. I'm confident the combination will greatly benefit both companies' employees and customers."


 


July Sales Strong
Parker Hannifin reported that orders for the North American Industrial businesses increased 10 percent over the same month last year. Orders in this segment remain strong despite tough year-over-year comparisons. The company continues to note strong demand in heavy-duty truck, construction, farm and agriculture, and oil & gas markets. Rest-of-World Industrial orders increased six percent over the same month last year, the result of strength in construction, mining and power generation markets. In the Climate and Industrial Controls segment (CIC) order rates increased seven percent compared with last year. In CIC, order results can be attributed to an easier comparable period a year ago. Parker Aerospace reported an eight percent increase in orders on a rolling 12-months basis. The company noted strength in both commercial OEM and aftermarket orders.

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