Parker Hannifin Acquires Kenmore International
Parker Hannifin acquirs Kenmore International, a leading manufacturer and distributor of components for global refrigeration and air conditioning markets, from Lai Berg Holding, AS of Norway.
The acquisition is expected to close in the coming weeks once final regulatory approval is received. Terms of the sale were not disclosed. Kenmore produced sales of approximately $110 million in 2004. The acquisition is expected to be accretive within a year of its integration as part of Parker's Climate and Industrial Controls (CIC) business group.
Kenmore operates facilities in Turkey, China, India, the United Kingdom and the U.S. employing more than 1,000 people in the design, manufacture and sale of system protectors and related components. Additional capabilities in condenser and evaporator design will help extend Parker's current product range.
"After a long and close association with the owners of Kenmore, we are excited to welcome their company to our product lineup and global organization," said Lynn Cortright, President, Climate and Industrial Controls at Parker. "Kenmore's distribution network and brand recognition, including the Virginia KMP name in the US, strengthen our existing offerings for domestic and commercial refrigeration and air conditioning appliances. Kenmore operations in India, China and Turkey will become the Climate and Industrial Controls Group's first wholly independent operations in those countries to serve growing strategic markets," said Cortright.
"Our companies are an excellent strategic fit," said Nic Berg, Kenmore Group Chief Executive Officer. "Consolidation in our industry has accelerated as customers demand global service. By combining forces with Parker, our companies will be favorably positioned with a leading market share to serve customers in this more competitive global environment."
Kenmore International is not associated with the Sears brand of Kenmore appliances.
Source: Parker Hannifin Corp