Home » Parker-Hannifin Buys Remaining Stake in Parker Seal de Mexico
Parker-Hannifin Buys Remaining Stake in Parker Seal de Mexico
May 12, 2008
Parker Hannifin Corp., Cleveland, OH, supplier in motion and control technologies, has acquired the remaining stake in its joint venture, Parker Seal de Mexico. Parker held a 49% stake in the $8.3 million revenue company prior to acquiring the remaining interest from multiple joint venture partners.
The acquired operation will become part of Parker's Seal Group, and its results will be reported within the Industrial North America business segment. Now, as the sole owner of this operation, Parker can sell any of its thousands of seal products into the Mexican market," said Heinz Droxner, president of Parker's Seal Group. "This is part of our long-term strategy to serve customers who have operations in Mexico, and positions Parker to meet all of their sealing requirements in-country."
Parker manufactures seals for use in liquid, gas, automotive, food processing, medical and electromagnetic shielding applications.
With annual sales exceeding $10 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 57,000 people in 43 countries.