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Parker Hannifin Acquires Hanil Hydraulics

Parker Hannifin Corporation, Cleveland, OH, has acquired Hanil Hydraulics Company, Ltd., a Korean-based maker of hydraulic valves used in construction equipment applications. The acquisition is expected to be accretive to earnings within the first full year of integration.

With annual revenues of approximately $25 million, Hanil Hydraulics employs 140 people. The company produces sectional valves, gear pumps and monoblock spool valves for mobile equipment including excavators, forklifts, and lift trucks, primarily serving the Korean and Chinese markets. Hanil will become part of Parker's Asia Pacific Hydraulics Group.

"Hanil's excellent engineering capabilities, quality products and focus on customer needs make it an excellent fit with Parker," comments Parker Vice President, Asia Pacific Michael Chung. "Acquiring Hanil expands our manufacturing capabilities in Asia and supports our commitment to premier service by being close to our customers and providing them with the best and broadest hydraulic products and services available from one company."

Mr. Koh, Hanil Chairman and Chief Executive Officer, commented, "We are very pleased to be joining Parker and look forward to the synergies this acquisition will bring to both our customers and employees."

With annual sales approaching $8 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 48,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 49 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index.

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