Parker Hannifin Acquires Assets of South African Hydraulics Businesses
Parker Hannifin Corporation announced it has acquired the assets of Denquip Systems (Proprietary) Limited and Denquip Hydraulics (Proprietary) Limited, both located in Johannesburg, South Africa. Terms of the deal were not disclosed.
Annual revenues of both businesses total approximately $6 million. Denquip Systems designs, manufactures and markets high-tech hydraulic systems and services for a broad range of customers in South Africa and neighboring countries. Denquip Hydraulics distributes products for Denison International plc, which was acquired by Parker in 2004. The assets will be integrated into Parker Hannifin South Africa (Proprietary) Limited, part of the company's industrial segment.
"We are pleased to add the capabilities of Denquip Hydraulics and Denquip Systems to the Parker family," said Parker's Vice-President Operations, Sales Companies North, Ron Arthur. "Denquip's components and systems expertise will help Parker better service all customers in this region of the world."
With annual sales exceeding $8 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 50,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 49 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index.
Source: Parker Hannifin Corp