CLEVELAND, March 9 /PRNewswire/ -- Parker Hannifin (NYSE: PH) today
announced the acquisition of Gummi-Metall Scheufele & Gienger GmbH, a
manufacturer of compound sealing products in rubber-metal and rubber-plastic
varieties, as well as custom moldings made with elastomers. Based in Weilheim
an der Teck, Germany, Gummi-Metall has annual sales of $10 million. Gummi-
Metall becomes a new division of Parker's Seal Group in Europe, retaining the
firm's headquarters and its 90 employees in Weilheim.
Parker said the transaction furthers its strategy to grow through
acquisitions and global expansion as a consolidator of choice in the
fragmented motion and control industry. This is the company's 46th announced
acquisition in the past six years, and combined, the 46 additions contribute
nearly $2 billion in first-year sales. Moreover, Parker notes consistent
earnings accretion in its acquisition record.
"The addition of Gummi-Metall is another step forward in our ongoing
effort to offer our customers in Europe and elsewhere with excellent local
service and complete system solutions from a single source," said Nick Vande
Steeg, president of Parker's Seal Group.
Heinz Droxner, president of Parker Seal in Europe, said, "Gummi-Metall
brings us a new plant in Germany, well located to serve the electrical and
industrial customers in the region. Gummi-Metall is a leader in combined
materials technology, thanks to experienced employees and state-of-the-art
production capabilities."
Gerhard Scheufele and Heinz Gienger, principles of Gummi-Metall, said in
their statement, "Combining the production know-how of our company with the
sales organization of Parker provides excellent service to customers and
greater opportunities to our employees."
With nearly $5 billion in annual sales, Parker Hannifin Corporation is the
world's leading diversified manufacturer of motion and control technologies,
providing systematic, precision-engineered solutions for a wide variety of
commercial, industrial and aerospace markets. For more information, visit the
company's web site at www.parker.com .
SOURCE Parker Hannifin Corporation
CONTACT: Media, Lorrie Paul Crum, VP - Corp. Communications,
216-896-2750, or Financial Analysts, Timothy K. Pistell, Treasurer,
216-896-2130, both of Parker Hannifin Corporation/
