By Liz White, ERJ staff
Cleveland, Ohio-Parker Hannifin Corp. has added to its seals group with the purchase of seals group Acadia Elastomers Corp., for an undisclosed amount.
Acadia, which has annual turnover of about $145 million, employs nearly 1400 people, and has ten facilities in North America and Europe, with headquarters in Roanoke, Virginia. Acadia's European operations are in Aachen in Germany. The acquisition is expected to add to Parker's earnings.
Heinz Droxner, president of Parker's Seal Group commented that, â€œFor Parker, this is a complementary acquisition.â€ Acadia's wide product range will allow Parker to â€œoffer our customers more complete sealing systems,â€ he added.
Acadia is â€œwell-known for its quality transmission piston seals and has several other highly regarded product brands including JM Clipper, Webster and Redmond Plastics,â€ said a Parker statement on the deal.
Adding Acadia to Parker's seal group will, â€œincrease our presence in several key markets such as power generation, fluid power, oil and gas, and chemical process industries,â€ as well as expanding Parker's automotive product range, Droxner continued.
Parker also said that the combined businesses will benefit from synergies in procurement, lean manufacturing, sales and marketing, and joint R&D capabilities.
Parker Hannifin group has annual sales of more than $7000 million and claims to be the world's leading diversified manufacturer of motion and control technologies and systems, serving commercial, mobile, industrial and aerospace markets. The company employs more than 48 000 people in 46 countries.