Motion and control technology manufacturer Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, has acquired UK-based President Engineering Group Ltd. Terms were not disclosed.
PEGL, with revenues of $29 million in its latest fiscal year and 120 employees, is a manufacturer of precision engineered cryogenic valves for liquefied natural gas and industrial gas applications and specialized equipment for mining safety applications.
The acquired company has become part of Parker's instrumentation group, with 40 percent of revenues being reported in the North American diversified industrial business and the remaining 60 percent reported in the international diversified industrial business.
"The addition of PEGL provides product and manufacturing technologies and expanded systems capabilities along with solid brand names," said John Greco, vice president and president – instrumentation group. "This acquisition will strengthen Parker's position in the LNG, Industrial Gas and Mining markets.”