6309 Monarch Park Place, Suite 203
Niwot, CO 80503, USA
Phone (303) 443-5060
Toll free (888) 742-5060
Parker Hannifin, Cleveland, OH, announced that it has acquired Porter Instrument Company, Inc., a global manufacturer of analytical, industrial, medical and dental instrumentation. Porter's annual revenue for the year ended 2004 was approximately $35 million. Parker Hannifin also announced that it has acquired Sterling Hydraulics for an undisclosed amount of cash from Sterling Industries, Plc, a wholly owned subsidiary of Caledonia Investments Plc. Headquartered in Crewkerne, England, Sterling is a manufacturer of products for mobile applications. Sterling Hydraulics produced revenue of $42 million in its fiscal year ended Mar. 31, 2005.
"Porter's precision instruments will give Parker a solid position in new markets such as medical and dental," said Tom Williams, president of Parker's Instrumentation Group. "This is another example of Parker's movement into markets that provide profitable growth potential and reduce cyclicality. The customers in the industrial and analytical markets that are already served by Parker will benefit from this expanded offering of products and technologies."
"We're pleased to become part of the Parker family," said Gary Porter, Porter Instrument president. "Parker's strong global presence will provide new distribution channels for our products, as well as exciting opportunities for our employees."
Since 1968, Porter Instrument Company has specialized in the development and manufacture of precision instruments that measure and control gases and liquids. Porter's 56,000 sq. ft. headquarters and manufacturing facility is located in Hatfield, PA.
Sterling Hydraulics operates facilities in England and Chicago, Illinois employing nearly 300 people. Since the 1960s, Sterling has been a recognized world leader in the design of custom hydraulic screw-in cartridge valves and manifold systems.
"We look forward to working with Sterling and growing our product offering together," said Lee Banks, president of Parker's Hydraulics Group. "We have a number of customers in common in the mobile hydraulics marketplace who will welcome this extension of our product line, as well as the greater market presence in Europe and Asia."
"Sterling has developed an international reputation as an independent hydraulics specialist, and is ready to expand beyond its traditional markets," said Tim Hair, Managing Director of Sterling. "We are confident that Parker's global reach will accelerate this process and create new opportunities for the business."