Parker Acquires Hose and Fittings Business of PIX Transmissions Ltd. of India to Expand Regional Market Presence and Manufacturing Capacity
CLEVELAND, July 11, 2012 /PRNewswire/ -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has acquired the hydraulics manufacturing division of PIX Transmissions Ltd. based in Nagpur, India. PIX is a leading manufacturer of a broad range of hydraulic and industrial hose, hose assemblies and fittings primarily used in general engineering, marine, agriculture, mining, construction and HVAC markets. Terms of the transaction were not disclosed.
The acquired business has annual sales of approximately $13 million, employs 470 people and includes a recently upgraded $25 million state-of-the-art manufacturing plant in Nagpur. The division will be integrated into Parker's Fluid Connectors Group and the sales will be reported as part of the International Industrial Segment.
"The acquisition of the PIX hose and fittings business will allow us to solidify our position in India which is a strategically important growth market, while establishing an important base to support growth in the region," said Bob Bond, President of Parker's Fluid Connectors Group. "PIX offers us complementary product lines and manufacturing capacity to accelerate growth and localize manufacturing for other products serving customers in India."
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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