Home » Parker to acquire hose and rubber manufacturer
Parker to acquire hose and rubber manufacturer
December 10, 2001
Parker Hannifin Corporation, Cleveland, OH, announced an agreement to acquire operations of ITR SpA, a subsidiary of the SAIAG Group, for Euro 77 million (US $68 million). ITR is an Italian manufacturer of hose, fittings and rubber compounds for hydraulic, industrial and oil/gas applications. ITR had sales of Euro 165 million (US $147 million) in 2000. The company operates seven production facilities in Italy, Brazil and China and sales offices in Italy, France, Spain, Germany, Belgium and the U.S. The operations, which will be integrated into Parker's fluid connectors business, have 1,600 employees.
'The acquisition of ITR will complement the products Parker gained through its recent acquisition of Dayco,' said Phil Stamp, president of Parker's Fluid Connectors Group - Europe. 'Together, these will solidify Parker's position in Europe as a major supplier of hydraulic hose and fittings for industrial applications. In addition, this acquisition will strengthen Parker's presence in the Italian, Chinese and Brazilian markets.'
As with other recent acquisitions, Parker said it expects this acquisition to be accretive within the first full year. SAIAG said it is selling the ITR business because it does not fit with the company's long-term strategic objectives.
The SAIAG Group, which recorded a consolidated turnover of approximately 600 million Euro for 2000, produces and manufactures aluminum foils and thermoformed products for industrial and consumer applications.
With annual sales of $6 billion, Parker Hannifin is a 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 45,000 people in 45 countries around the world. For more information, visit the company's web site at www.parker.com