Parker Acquires Kittiwake Developments Limited to Expand Offering of Diagnostic Solutions for Filtration and Predictive Maintenance
CLEVELAND, July 16, 2012 /PRNewswire/ -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has acquired Kittiwake Developments Limited based in Littlehampton, United Kingdom. Kittiwake Developments is a leading manufacturer of condition monitoring technology including wear debris sensors, oil testing and analysis instrumentation and acoustic, vibration and gas emissions monitoring sensors. These products are used alongside filtration technology in the commercial marine, oil and gas, power generation and defense markets.
The acquired business has annual sales of approximately $20 million and employs 95 people. Kittiwake Developments will be integrated into Parker's Filtration Group and the sales will be reported as part of the International Industrial Segment.
"Kittiwake Developments will allow us to extend our position in diagnostic products and reinforce our ability to offer our customers complete health monitoring solution for their filtration systems," said Peter Popoff, President of Parker's Filtration Group. "We welcome the employees of Kittiwake to Parker and are excited about the growth opportunities this combination creates."
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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SOURCE Parker Hannifin Corporation