Home » Parker Hannifin to Complete Purchase of Domnick Hunter
Parker Hannifin to Complete Purchase of Domnick Hunter
November 28, 2005
Diversified industrial manufacturer Parker Hannifin Corp., Mayfield Heights, OH, plans to finish its acquisition of U.K.-based Domnick Hunter Group plc in December by buying its remaining untendered shares. The total purchase comes to about $450 million, or 700 pence per share.
The recent announcement comes after a months-long bidding war between Parker Hannifin and Eaton Corp., Cleveland, OH, for the industrial filtration company. Parker agreed to pay 700 pence per share in September; Eaton had offered 690 pence but dropped out of the bidding war in October.
Domnick Hunter had 2004 revenues of $280 million. It specializes in the design and manufacture of filtration, separation and purification products and technologies. The company is developing a new defense-oriented business that makes filters for nuclear, biological and chemical protection systems. The Domnick Hunter Group employs more than 1,900 people, who will become part of Parker's Filtration Group, with results reported within the company's Industrial Segments. The company operates in 25 countries; 40% of its products are sold in Europe.
Domnick Hunter immediately strengthens our global offering in filtration, a core Parker business platform that we continue to grow, one that we know how to manage, and one that historically has provided steady performance over the business cycle," Parker Chairman and CEO Don Washkewicz said.
Parker expects Domnick Hunter will cease to be traded on the London Stock Exchange in December.
With annual sales of more than $8 billion, Parker Hannifin is a 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 50,000 people in 46 countries around the world.