Parker Hannifin buys Indian firm |
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Thu, 11 Jan 2007 00:11
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CLEVELAND (AFX) - Parker Hannifin Corp., which makes motion control products for the commercial, mobile, industrial and aerospace markets, on Wednesday said it bought power systems integrator SSD Drives India, Pvt. Ltd. for an undisclosed amount.SSD Drives India, based in Chennai, India, makes and sells low voltage AC, DC, and servo-drive systems to power and control continuous and discrete manufacturing processes. The company, which Parker bought from UniDEL India Group -- a privately held automation and technology group -- operates seven regional sales offices throughout India.SSD Drives had fiscal 2006 sales of about $7 million. The operation will be integrated within Parker's automation group as the SSD India business unit.Parker expects the deal to add to earnings within the first full year of integration. The company said the acquisition gives Parker a strong footprint in India and makes systems integration, value-added engineering and application expertise for existing SSD product customers available in the country.Parker Hannifin has annual sales of more than $9 billion. Its shares closed up 5 cents at $77.25 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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