Parker Signs Agreement to Acquire the Olaer Group to Expand Geographic and Market Presence with Complementary Accumulator and Cooling Technologies
CLEVELAND, April 24, 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 the Olaer Group headquartered in Deeside, United Kingdom. Olaer is a leading manufacturer of a broad range of advanced hydraulic accumulator and cooling technologies to provide solutions for energy, mobile and industrial markets. The acquisition is subject to regulatory approvals and customary closing conditions. Terms of the transaction were not disclosed.
Olaer has annual sales of approximately 150 million Euros ($200 million) and employs 550 people. The company has manufacturing and sales facilities in the United Kingdom, France, Sweden and China and sales companies in 14 countries. Upon completion of the transaction, the acquired company will be integrated into Parker's Hydraulics Group as part of the Industrial Segment. Approximately 88 percent of the sales will be reported as Industrial International and 12 percent reported as Industrial North America.
"This acquisition, once completed, will allow us to strengthen our position in key growth areas both geographically and by end market," said Jeff Cullman, President of Parker's Hydraulics Group. "Olaer has built a strong position in Europe and a growing presence in Asia. Importantly, Olaer has a solid reputation in our target growth markets such as oil and gas, power generation and renewable energy. The acquisition would also expand our product offering with the addition of cooling technologies and deepens our expertise in bladder accumulator technology. We look forward to the closing of this acquisition when we can welcome the Olaer employees to Parker."
"Joining Parker is absolutely the right move for Olaer now," said Mike Blenkinsop, Chief Executive Officer, Olaer Group. "This transaction will secure Olaer's continued development, with the added dimension of being an integral part of one of the world's leading manufacturing companies."
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