Parker Acquires Advanced Products Company
Parker Hannifin announced it has acquired Advanced Products Company, a privately held manufacturer of metallic and polymer spring energized seals, in a cash for stock transaction. Terms of the deal were not disclosed.
Advanced Products will be integrated with Parker's Seal Group, which provides sealing materials to a broad range of motion and control markets worldwide.
With operations in North Haven, CT, and Boom, Belgium, Advanced Products employs 150 people worldwide and has annual sales of approximately $20 million. The Company provides sealing solutions for a variety of applications including gas turbines, oil and gas exploration equipment, aerospace and submarine vehicles, diesel engines and turbocharger systems.
"We have enjoyed being a customer of Advanced Products for seals formerly not available in our product line," said Heinz Droxner, President of the Parker Seal Group. "Now we look forward to the opportunities presented by combining their leading technologies, particularly in high temperature resilient metallic seals, with our global marketing and distribution capabilities."
Advanced Products' President and CEO Nancy Nicholson said, "When we made the decision to sell the company, clearly, Parker was the acquirer of choice. There are some very strong synergies between Parker and Advanced and we're confident the combination will greatly benefit both companies' employees and customers."
With annual sales of more than $7 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 more than 48,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 48 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index.
Source: Parker Hannifin Corp