Parker Acquires Scan Subsea

16.11.2007

Parker Hannifin Corporation today announced that it has acquired the shares of Norwegian manufacturer Scan Subsea ASA. Scan Subsea, publicly traded on the Oslo Exchange, has projected sales of approximately $130 million this calendar year.

Scan Subsea's primary businesses include the design, production, and marketing of power and production umbilical cables for subsea installations as well as mooring lines for floating oil production and exploration units. The company has a modern manufacturing site in Tonsberg, Norway with its own deep water quay providing direct ocean access for the large products it manufactures. Additionally, the company is the market leader in the supply of power transmission cables to the off-shore wind power industry and provides technical services for its products to both industries.

Scan Subsea is headquartered in Oslo, Norway with manufacturing operations in Tonsberg, and other locations in Drammen and Stavanger, Norway. The company employs approximately 200 people.

"With its European focus, Scan Subsea complements our year old acquisition of Cabett Subsea, which is predominantly focused on the Gulf of Mexico," said Bob Bond, President - Fluid Connectors Group for Parker. "Scan will benefit Parker globally by strengthening our offshore presence on floating platforms in Europe, Asia and the Middle East."

"For Scan Subsea, we are delighted to become part of Parker with its strong performance culture and global network of businesses," said Dirk Blaauw, CEO of Scan Subsea and CEO of Blom ASA. "The Scan Subsea organization is enthusiastic about the opportunities this creates for our employees, customers and business partners."

About Parker

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.

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