Parker Completes Acquisition of domnick hunter
Parker Hannifin Corporation announced that it will complete its purchase of UK-based domnick hunter group plc by acquiring all of the company's remaining outstanding non-tendered shares.
Parker anticipates that domnick hunter will cease to be traded on the London Stock Exchange in December 2005.
"We are pleased to move to close this transaction and officially welcome the people of domnick hunter to Parker Hannifin," said Parker Chairman and CEO Don Washkewicz. "Domnick hunter immediately strengthens our global offering in filtration, a core Parker business platform that we continue to grow, one that we know how to manage, and one that historically has provided steady performance over the business cycle." Washkewicz added that he expects the integration of domnick to proceed quickly and successfully based on the strong 20+ year working relationship the two companies have had.
Parker management will discuss the acquisition in a conference call and webcast scheduled for 10:00 a.m. EST on Wednesday, December 7.
Source: Parker Hannifin Corp