Parker Acquires Hose and Fittings Business of PIX Transmissions Ltd. of India
Parker Hannifin Corporation announced that it has acquired the hydraulics manufacturing division of PIX Transmissions Ltd. based in Nagpur, India.
PIX is a leading manufacturer of a broad range of hydraulic and industrial hose, hose assemblies and fittings primarily used in general engineering, marine, agriculture, mining, construction and HVAC markets. Terms of the transaction were not disclosed.
The acquired business has annual sales of approximately $13 million, employs 470 people and includes a recently upgraded $25 million state-of-the-art manufacturing plant in Nagpur. The division will be integrated into Parker s Fluid Connectors Group and the sales will be reported as part of the International Industrial Segment.
"The acquisition of the PIX hose and fittings business will allow us to solidify our position in India which is a strategically important growth market, while establishing an important base to support growth in the region," said Bob Bond, President of Parker s Fluid Connectors Group. "PIX offers us complementary product lines and manufacturing capacity to accelerate growth and localize manufacturing for other products serving customers in India."
Source: Parker Hannifin Corp