- Combination of light weight carbon fiber composites technology and Parker's hydraulic expertise anticipated to yield new customer solutions CLEVELAND, Sept. 4
CLEVELAND, Sept. 4 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH), the world leader in motion and control technologies, today
announced that it has acquired Lingk & Sturzebecher of Stuhr, Germany. The
acquired company, better known regionally as L&S, is a manufacturer of light
weight carbon fiber high pressure cylinders and actuators including those
based on composite technologies, for aerospace, mobile and industrial markets.
This composite material technology will enable Parker to develop hydraulic
components with significantly reduced energy burden for the power systems of
machines equipped with hydraulics.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
Terms of the transaction were not disclosed. The acquisition is expected
to be accretive to earnings in its first full year of operations. Sales will
be reported in Parker's Industrial International reporting segment. In the
fiscal year ended December 31, 2007, L&S achieved 7.6 million euros
(approximately $11.2 million) in sales.
L&S will become part of the global operations of Parker's hydraulic
technology business. It will complement a broad line of hydraulic components
and systems including pumps, motors, valves, cylinders, hydraulic drives,
electronic controls, energy recovery systems, vehicle cooling and engine
management systems.
"We are excited to welcome L&S to Parker," said Jeff Cullman, Group
President - Hydraulics. "Its composite technology competence creates the
opportunity for us to provide integrated solutions such as energy recovery
systems for mobile equipment produced by leading international manufacturers.
It will add real value for our customers."
"We have been aware of and cooperated with Parker for quite some time,"
said Carsten Mueller, Managing Director of L&S. "We believe the combination
provides an excellent way for Parker's global customer base to access this
technology".
With annual sales exceeding $12 billion, 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
commercial, mobile, industrial and aerospace markets. The company employs
approximately 62,000 people in 48 countries around the world. Parker has
increased its annual dividends paid to shareholders for 52 consecutive 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
http://www.parker.com , or its investor information site at
http://www.phstock.com .
Forward-Looking Statements:
Forward-looking statements contained in this and other written and oral
reports are made based on known events and circumstances at the time of
release, and as such, are subject in the future to unforeseen uncertainties
and risks. All statements regarding future performance, earnings projections,
events or developments are forward-looking statements. It is possible that the
future performance and earnings projections of the company and individual
segments may differ materially from current expectations, depending on
economic conditions within both its industrial and aerospace markets, and the
company's ability to maintain and achieve anticipated benefits associated with
announced realignment activities, strategic initiatives to improve operating
margins, and growth, innovation and global diversification initiatives. A
change in economic conditions in individual markets may have a particularly
volatile effect on segment results. Among the other factors which may affect
future performance are: changes in business relationships with and purchases
by or from major customers or suppliers, including delays or cancellations in
shipments or significant changes in financial condition; uncertainties
surrounding timing, successful completion or integration of acquisitions;
threats associated with and efforts to combat terrorism; uncertainties
surrounding the ultimate resolution of outstanding litigation; competitive
market conditions and resulting effects on sales and pricing; increases in raw
material costs that cannot be recovered in product pricing; the company's
ability to manage costs related to employee retirement and health care
benefits and insurance; and global economic factors, including manufacturing
activity, air travel trends, currency exchange rates, difficulties entering
new markets and general economic conditions such as inflation, interest rates
and credit availability. The company makes these statements as of the date of
this disclosure, and undertakes no obligation to update them.
SOURCE Parker Hannifin Corporation
