Parker Proceeding to Acquire domnick hunter
Parker Hannifin Corporation announced that it has acquired or received committed shares representing 88 percent of the 35,865,308 outstanding shares of domnick hunter. As a result, all the conditions of Parker Hannifin's offer have now...
been satisfied or waived, and the company is proceeding on an unconditional basis to acquire the remaining shares. Parker Hannifin's acquisition ofdomnick hunter is expected to be finalized in the coming weeks once all remaining shares of domnick hunter are acquired.
The domnick hunter group had 2004 revenues of approximately $280 million. The acquisition is expected to be accretive to earnings after integration costs and synergies within the first full year of integration.
Currently traded on the London Stock Exchange, domnick hunter, founded in 1963, is an international group of companies specializing in the design and manufacture of filtration, separation, and purification products and technologies for a wide range of markets. The domnick hunter group is headquartered in Durham, United Kingdom, and employs over 1,900 people, who will become part of Parker's Filtration Group, with results reported within the company's Industrial Segments.
Source: Parker Hannifin Corp