Parker-Hannifin Increases Share to 60% of Taiyo
Parker Hannifin Corporation has strengthened its global motion and control capabilities by becoming the majority shareholder in Taiyo Ltd., an Osaka, Japan-based leader in hydraulic and pneumatic technologies. Earnings are expected to be accretive in the first full year.
Parker increased its equity stake in Taiyo to approximately 60% by purchasing all Taiyo voting stock previously held by Kyoei Steel Ltd. Terms of the deal were not disclosed.
Taiyo posted revenues of $208 million (24 billion Yen) for its fiscal year ended March 2006. The company develops and manufactures a broad range of automation products, including hydraulic and pneumatic actuators, cylinders and specialized pneumatic products. Its 875 employees operate four facilities in Japan, one in China, ...