Parker Hannifin Acquires Helac

Company also reports 2Q sales down 1.3 percent.

Motion and control technology manufacturer Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, has acquired Helac Corp., Enumclaw, WA, which designs and manufactures helical rotary actuators and a line of attachments primarily for use in material handling and construction equipment markets. Terms were not disclosed.

The company also reported sales for the fiscal second quarter ended Dec. 31 of $2.7 billion, down 1.3 percent year-over-year. Profit increased 24.2 percent to $241.3 million.

North American diversified industrial segment second quarter sales decreased 3 percent to $1.1 billion and international sales in this segment also increased 1 percent to $1 billion.

Aerospace systems segment second quarter sales decreased 2 percent to $543.8 million.

Fiscal year-to-date sales were $5.4 billion, down 2.9 percent over the prior-year period. Profit increased 19.4 percent to $451.4 million.

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