Parker Acquires Hi-Tech Group Companies
Parker Hannifin Corporation announced that it has acquired all of the issued and outstanding shares of the capital stock of HTR Holding Corp. and its subsidiaries, including Hi- Tech Rubber, Inc., Inland Technologies, Inc., Ventrex, Inc. and Accusil, Inc.
The acquired companies operate under their own names and under the trade names Hi-Tech Group, A.C. Hoffman Engineering and Infinity Plastics. Terms of the deal were not disclosed. HTR Holding Corp. sales for its fiscal year ended December 31, 2007, on a consolidated basis, were approximately $93 million. The acquisition is expected to be accretive to earnings within its first full year of operations and its sales will be reported as part of Parker's Industrial North America segment.
About the Hi-Tech Group
The Hi-Tech Group companies provide precision plastic and elastomeric components for medical devices such as intravenous equipment, drug infusion pumps, masks, septums, respirator hoses, catheters and diaphragms sold directly to original equipment manufacturers. Hi-Tech also produces components for various pump valves, liquid control valves and other non- medical devices.
The acquired business will be integrated as a new division, called the Medical Systems Division, within Parker's Seal Group. "The Hi-Tech Group companies will give us greater access to the medical device market space," said Heinz Droxner, President of Parker's Seal Group. "Parker has been a major supplier of seals for high tech applications in several strategic market segments for many years. These include the electronics, semiconductor, aerospace and life sciences market segments. With our capabilities to engineer innovative, high quality seals in high volume, our combined companies will have increased opportunities to provide value in the life sciences market. We will be in a position to improve the productivity and profitability of our customers."
With annual sales exceeding $10 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 57,000 people in 43 countries around the world. Parker has increased its annual dividends paid to shareholders for 51 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index.
Source: Parker Hannifin Corp