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Parker Hannifin Corporation, Cleveland, OH, has acquired assets associated with the global fluid management business of Dayco Industrial from Mark IV/BC Partners. With revenues last year of $304 million, the Dayco assets acquired include Imperial-Eastman products and a wide array of hydraulic and industrial hose and connectors, as well as proprietary compounding technologies for a broad range of applications. The transaction was completed on October 19, 2001.
The operations, which will be integrated into Parker's fluid connectors business, have 2,365 people and 29 facilities in the U.S., Canada, Australia and the United Kingdom.
'This business adds important new products to our fluid connectors line, and fully complements Parker's broader capabilities,' said Parker Operating Officer Jack Myslenski. 'The industrial products bring us a unique opportunity to merge technologies and assist customers in supplier rationalization. Now we're capable of offering a range of highly proprietary rubber and thermoplastic hose assemblies that are essential to key niche markets such as mining, marine, petroleum, construction and injection molding.'
'It's a perfect addition to our systems strategy,' added Parker CEO Don Washkewicz. 'Envision the mining operation and oil platform with continuous service needs and various suppliers. With this acquisition, we can deliver a total-Parker solution, right on-site.'
The addition of Dayco's fluid transfer business enhances Parker's R&D capabilities, bringing proprietary compounds and enabling cost-effective technology transfer between the fluid-power and fluid-transfer businesses. Economies of scale in procurement and manufacturing will allow both businesses to offer hose and fittings made from a wider variety of materials that will be compatible with a broader range of fluids and media.
Parker Fluid Connectors Group President Tom Mackie added a welcome to Dayco employees, with praise for their accomplishments. 'This addition brings a number of unique products for mining and manufacturing, with a high degree of innovation in product development. In addition, this acquisition further solidifies Parker's position in Australia and Canada.'