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Manufacturer Parker Hannifin Corp. (NYSE: PH) has acquired Snap-tite Inc., Erie, Pennsylvania. Snap-tite is a manufacturer of high-pressure fluid power components for oil and gas, industrial and research markets.
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Snap-tite has annual sales of $100 million and employs 500 people. The company has operations in Erie, PA; Union City, PA; Houston, TX; and Wexford, Ireland. The acquired company will be integrated into Parker's Instrumentation and Fluid Connector Groups, both of which are included in the Industrial Segment. Sixty-four percent of the sales will be reported as North America Industrial and 36 percent reported as International.
"This acquisition will allow us to extend our leadership position in fluid power and process control markets," said John Greco, president of Parker's Instrumentation Group. "Snap-tite has built a strong reputation particularly in the oil and gas and industrial fluid power markets, which are strategic markets for Parker.
“By acquiring Snap-tite we have expanded our offering into high pressure applications allowing us now to offer customers a broad suite of solutions across the spectrum of vacuum and pressure connections. The acquired product lines also help Parker fill some important niche product gaps within our fluid power markets."
Parker has annual sales of more than $12 billion.