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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, and one in the United States. The companies have collaborated since the March 2002 establishment of a Parker-Taiyo business alliance.

“This transaction dramatically strengthens our hydraulics business with a platform for growth serving Japan and the entire Asian region,” said Don Washkewicz, Parker Chairman and CEO.

With annual sales exceeding $8 billion, Parker Hannifin is a diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets. The company employs more than 55,000 people in 46 countries around the world.

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