Parker Hannifin buys German company |
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Mon, 02 Apr 2007 23:41
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CLEVELAND (AP) - Parker Hannifin Corp., which makes industrial motion control systems, said Monday it bought Germany-based Rectus AG, maker of leak-free couplings that connect pipes and hoses transmitting gas or liquids.Terms of the deal were not disclosed. The purchase is expected to add to Parker Hannifin's profit in the first year, the company said.Parker Hannifin said 2006 revenue for Rectus, which employs about 380 people worldwide, was about $115 million. The company has operations in Randleman, N.C. in addition to foreign offices.Bob Bond, president of Parker's Fluid Connectors Group, said the acquisition significantly strengthens the company's European position.'Their highly regarded products and systems are widely available through a select distribution network and add to our ability to provide customers with the industry's most complete package of fluid handling technologies,' he said in a statement.Shares of Parker Hannifin added 11 cents to close at $86.42 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Correction: Feb. 5 Parker Hannifin story 