Parker Acquires Filtration Business of John Fowler (India) Private Limited, Extending Market Position and Manufacturing in India
CLEVELAND, July 10, 2012 /PRNewswire/ -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has acquired the filtration business of John Fowler (India) Private Limited based in Bangalore, India. The John Fowler filtration business manufactures air, fuel and hydraulic filters for use in transportation and industrial applications. Terms of the transaction were not disclosed.
The acquired business has annual sales of approximately $4 million and employs 50 people. The division will be integrated into Parker's Filtration Group and the sales will be reported as part of the International Industrial Segment.
"The acquisition of the John Fowler filtration business allows us to expand our base business and end market exposure in a strategically important growth market in India," said Peter Popoff, President of Parker's Filtration Group. "This acquisition also adds local manufacturing, product breadth, an experienced team, and strong distribution and OEM customer relationships."
With annual sales exceeding $12 billion in fiscal year 2011, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 58,000 people in 47 countries around the world. Parker has increased its annual dividends paid to shareholders for 56 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's web site at www.parker.com, or its investor information web site at www.phstock.com.
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