Parker-Hannifin buys Asian sealing firm |
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Tue, 03 Apr 2007 23:53
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CLEVELAND (AP) - Parker-Hannifin Corp., which makes industrial motion control systems, said Tuesday it has purchased Rayco Technologies, a maker of sealing technology for electronics, medical devices and other equipment.Singapore-based Rayco has 500 employees and posted revenue of $26 million last year. According to Parker Hannifin, Rayco will be folded into the company's international industrial segment. Financial details of the purchase were not disclosed'The acquisition of Rayco Technologies will expand Parker's capabilities in the fast growing markets in Asia, especially within industries that require high-quality, distinctive sealing technologies,' said Parker Seal President Heinz Droxner in the statement.Shares of Parker-Hannifin Corp. fell 27 cents Tuesday in after-hours trading to $87.45, after adding $1.30 to close at $87.72 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 This material may not be published, broadcast, rewritten, or redistributed.
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Parker Hannifin buys German company 