Parker Hannifin Corp. (NYSE: PH), Cleveland, OH, has offered to purchase all of the outstanding shares not owned by Parker in TAIYO, LTD., a majority owned subsidiary of Parker headquartered in Osaka, Japan.
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The tender offer, which has been formally made by Parker Hannifin Japan Holdings GK, is for 5.8 billion yen (US$75 million) for the remaining 23,136,063 shares or 43.51 percent of the shares of TAIYO not owned by Parker.
Parker has been the majority shareholder in TAIYO since June 2006 and has had a formal relationship with TAIYO since forming a business alliance in 2002. TAIYO has annual sales of approximately 17.3 billion yen (US$225 million).
The company develops and manufactures a broad range of products, including hydraulic and pneumatic actuators, cylinders and specialized pneumatic products. TAIYO has four manufacturing plants in Japan and two in China. Upon successful completion of the tender offer, TAIYO will remain part of Parker’s Global Hydraulics Group and its results will continue to be reported in the Industrial International segment.
