Parker Acquires Provider of Hydraulic Cylinders and Services
Parker Hannifin announced the acquisition of Ingenieria y Servicios Metalcrom Limitada, a Chilean industrial and mobile hydraulic cylinder manufacturer and cylinder repair service provider. Revenues of the acquired business totaled approximately $2.2 million in 2005. Earnings are expected to be accretive to Parker in the first full year. Terms of the deal were not disclosed.
Metalcrom is headquartered in Santiago with an additional facility in Copiapo and employs approximately 60 people. The company produces hydraulic cylinders for a variety of industrial and mobile markets including mining, steel mills, and pulp and paper.
Metalcrom will be integrated into Parker's Argentina Division within the company's Industrial International segment. Ricardo Machado, President of Parker's Latin American Group, commented that, "The acquisition of Metalcrom, a leader in the Chilean new and repaired industrial and mobile cylinder market, enables us to increase our market share in the mining sector and increases our ability to deliver systems in the future. Metalcrom's local production, delivery and service also help customers avoid the high costs associated with production downtime."
Source: Parker Hannifin Corp