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Parker Hannifin Agrees to Buy Olaer Group

Parker Hannifin Corp. (NYSE:PH), Cleveland, OH, manufacturer of motion and control technologies, has agreed to acquire the Olaer Group headquartered in Deeside, United Kingdom. Olaer is a manufacturer of advanced hydraulic accumulator and cooling technologies for energy, mobile and industrial markets.

Olaer has annual sales of 150 million Euros ($200 million) and employs 550 people. The company has manufacturing and sales facilities in the United Kingdom, France, Sweden and China and sales companies in 14 countries. Upon completion of the transaction, the acquired company will be integrated into Parker's Hydraulics Group as part of the Industrial Segment. Approximately 88 percent of the sales will be reported as Industrial International and 12 percent reported as Industrial North America.

"This acquisition, once completed, will allow us to strengthen our position in key growth areas both geographically and by end market," said Jeff Cullman, president of Parker's Hydraulics Group. "Olaer has built a strong position in Europe and a growing presence in Asia. Importantly, Olaer has a solid reputation in our target growth markets such as oil and gas, power generation and renewable energy. The acquisition would also expand our product offering with the addition of cooling technologies and deepens our expertise in bladder accumulator technology."

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