Parker Divests Industrial Lubricants Unit
Parker Hannifin announced it has completed the divestiture of Wynn's Industrie, an industrial lubricants unit of the Wynn's Specialty Chemicals business ...
(reported as part of Parker's "Other" segment), to a subsidiary of Fuchs Petrolub AG. The divested unit, based in France, has annual revenues of approximately $29 million.
Parker noted it has retained all rights to the Wynn's brand, reflecting the company's continued ownership of Wynn's Specialty Chemicals, a leading, profitable producer of high-performance chemicals for mobile and automotive applications.
With annual sales exceeding $6 billion, Parker Hannifin Corporation (NYSE: PH) 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 46,000 people in 44 countries around the world. Parker has increased its annual dividends paid to shareholders for 47 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's web site at www.parker.com, or its investor information site at www.phstock.com.
Source: Parker Hannifin Corp