CLEVELAND, Dec 1, 2004 /PRNewswire-FirstCall via COMTEX/ -- Parker Hannifin (NYSE: PH)
today announced it has acquired Advanced Products Company, a privately held
manufacturer of metallic and polymer spring energized seals, in a cash for
stock transaction. Terms of the deal were not disclosed. Advanced Products
will be integrated with Parker's Seal Group, which provides sealing materials
to a broad range of motion and control markets worldwide.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
With operations in North Haven, CT, and Boom, Belgium, Advanced Products
employs 150 people worldwide and has annual sales of approximately $20
million. The Company provides sealing solutions for a variety of applications
including gas turbines, oil and gas exploration equipment, aerospace and
submarine vehicles, diesel engines and turbocharger systems.
"We have enjoyed being a customer of Advanced Products for seals formerly
not available in our product line," said Heinz Droxner, President of the
Parker Seal Group. "Now we look forward to the opportunities presented by
combining their leading technologies, particularly in high temperature
resilient metallic seals, with our global marketing and distribution
capabilities."
Advanced Products' President and CEO Nancy Nicholson said, "When we made
the decision to sell the company, clearly, Parker was the acquirer of choice.
There are some very strong synergies between Parker and Advanced and we're
confident the combination will greatly benefit both companies' employees and
customers."
With annual sales of more than $7 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 48,000 people in 46 countries around the world. Parker has increased its
annual dividends paid to shareholders for 48 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 http://www.parker.com , or its
investor information site at http://www.phstock.com .
Forward-Looking Statements:
Forward-looking statements contained in this and other written and oral
reports are made based on known events and circumstances at the time of
release, and as such, are subject in the future to unforeseen uncertainties
and risks. All statements regarding future performance, earnings projections,
events or developments are forward-looking statements. It is possible that the
future performance and earnings projections of the company and individual
segments may differ materially from current expectations, depending on
economic conditions within both its industrial and aerospace markets, and the
company's ability to achieve anticipated benefits associated with announced
realignment activities, strategic initiatives to improve operating margins,
and growth initiatives. A change in economic conditions in individual markets
may have a particularly volatile effect on segment results. Among the other
factors which may affect future performance are: changes in business
relationships with and purchases by or from major customers or suppliers,
including delays or cancellations in shipments; uncertainties surrounding
timing, successful completion or integration of acquisitions; threats
associated with and efforts to combat terrorism; competitive market conditions
and resulting effects on sales and pricing; increases in raw-material costs
that cannot be recovered in product pricing; the company's ability to manage
costs related to employee retirement and health care benefits and insurance;
and global economic factors, including currency exchange rates, difficulties
entering new markets and general economic conditions such as inflation and
interest rates. The company makes these statements as of the date of this
disclosure, and undertakes no obligation to update them.
SOURCE Parker Hannifin Corporation
Media, Jennifer Eaton, Corp. Communications, +1-216-896-2895,
or jeaton@parker.com , or Financial Analysts, Pamela Huggins, Vice President -
Treasurer, +1-216-896-2240, or phuggins@parker.com , both of Parker Hannifin
Corporation
http://www.phstock.com
