By Liz White, ERJ staff
Cleveland, Ohio-Following its recent purchase of Acadia Elastomer Corp., Parker Hannifin Corp. has acquired another US seal maker, Advanced Products Co. The latest acquisition is a small, privately owned maker of metallic and polymer spring-energised seals. Terms of the deal-a-cash-for-stock transaction-were not disclosed.
Parker said it will integrate Advanced Products into its Parker Seal Group, which provides sealing materials to a broad range markets worldwide.
Advanced Products employs 150 people at its two plants-in North Haven, Connecticut, and Boom, Belgium-and has annual sales of about $20 million.
The US seals major's purchase of Acadia added some $145 million in yearly turnover in elastomer seals to Parker's total $7000 million annual sales.
Advanced Products specialises in metal and polymer seals, with a few elastomeric ones, for arduous uses in gas turbines, oil and gas exploration equipment, aerospace and submarine vehicles, diesel engines and turbocharger systems, for example.
â€œWe have enjoyed being a customer of Advanced Products for seals formerly not available in our product line,â€ said Heinz Droxner, president of the Parker Seal Group, in a company statement.
â€œNow we look forward to the opportunities presented by combining their leading technologies, particularly in high temperature resilient metallic seals, with our global marketing and distribution capabilities.â€