Parker Agrees to Acquire Sea Recovery from Danfoss A/S to Strengthen Its Position in Seawater Desalination for Marine Applications
CLEVELAND, Oct. 17, 2012 /PRNewswire/ -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has signed an agreement to acquire Sea Recovery, headquartered in Compton, CA from Danfoss A/S. Parker will assume ownership of the acquired business on November 1st, 2012. Sea Recovery is a leading manufacturer of small to high capacity reverse osmosis systems for sea water desalination used primarily in commercial and pleasure marine applications. Terms of the transaction were not disclosed.
Sea Recovery had sales of approximately $26 million for the last twelve months ending August 31st and 70 employees, and has been engineering and manufacturing sea water reverse osmosis systems since 1981. The acquired company will become a part of Parker's Filtration Group and approximately 47 percent of revenues will be reported in the North American Industrial segment and the remaining 53 percent of revenues will be reported in the International Industrial segment.
"This acquisition supports our water purification growth strategy and further strengthens Parker's global leadership position in creating fresh water for commercial marine and large yacht markets," said Peter Popoff, President – Filtration Group. "Sea Recovery product lines help Parker expand its offering across geographic and end market applications. Their dedicated global sales and service organization is a strategic fit with our existing world class distribution network and will enable Parker to provide customers with the most advanced seawater desalination systems anywhere in the world."
Nis Storgaard, Danfoss Chief Development Officer added, "We are happy that we have found a new owner that is ready to support Sea Recovery and its employees to further develop and grow the business."
With annual sales exceeding $13 billion in fiscal year 2012, 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 60,000 people in 48 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