Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, has acquired PGI International, Houston, TX. PGI is a designer and manufacturer of specialized, high-pressure flow control components and systems for oil & gas, agriculture and petro-chemical applications.  Terms were not disclosed.  

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PGI International has sales of $100 million and 550 employees.  The acquired company will become a part of Parker's Instrumentation Group and approximately 80 percent of revenues will be reported in the North American Industrial segment. The remaining 20 percent will be reported in the International Industrial segment.

"This acquisition will strengthen Parker's position in the Oil and Gas and General Instrumentation markets," said John Greco, president of Parker’s Instrumentation Group.  "The addition of PGI provides product and manufacturing technologies and expanded systems capabilities along with a solid name in the industry." 

With annual sales exceeding $13 billion in fiscal year 2012, Parker Hannifin employs 60,000 people in 48 countries.