Parker Completes Acquisition of the Olaer Group in the United Kingdom
- Acquisition supports expansion in target geographic and end markets
- Offers complementary accumulator and cooling technologies
CLEVELAND, July 2, 2012 /PRNewswire/ -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has successfully completed its previously announced agreement to acquire the Olaer Group headquartered in Deeside, United Kingdom. Terms of the transaction were not disclosed. The Olaer Group has annual sales of approximately 150 million Euros ($200 million) and 550 employees. Approximately 88 percent of the sales will be reported as Industrial International and 12 percent reported as Industrial North America. With manufacturing and sales in 14 countries in North America, Asia and Europe, the Olaer Group expands Parker's presence in geographic growth areas and offers expertise in hydraulic accumulator and cooling systems for target growth markets such as oil and gas, power generation and renewable energy.
"With the completion of this acquisition, we are pleased to officially welcome the employees of the Olaer Group to Parker Hannifin," said Jeff Cullman, President of Parker's Hydraulics Group. "We are excited about the opportunities for us to grow our business by providing customers with an expanded set of products and solutions and by extending the reach of the Olaer Group offering through Parker's extensive distribution, OEM and international sales company channels. A detailed integration plan is being initiated to allow for a smooth transition of Olaer into the Parker organization."
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