ERJ staff report (R&PN)
Cleveland, Ohio -- Parker Hannifin Corp. has acquired the hydraulic manufacturing business of Indian hose manufacturer PIX Transmission Ltd.
PIX, based in Nagpur, India, produces hydraulic and industrial hose, hose assemblies and fittings used in general engineering, marine, agriculture, mining and construction markets.
Parker Hannifin said PIX had sales of $13 million last year, employs 470 and recently spent $25 million to upgrade its manufacturing plant .
The hydraulic manufacturing division of PIX is expected to be integrated into Parker's Fluid Connectors Group. Parker didn't release the financial terms of the purchase.
The acquisition of the PIX hose and fittings business will help Parker solidify its position in India, which the company views as a strategically important growth market, and establishing an important base to support growth in the region, according to Bob Bond, president of Parker's Fluid Connectors Group.
â€œPIX offers us complementary product lines and manufacturing capacity to accelerate growth and localise manufacturing for other products serving customers in India,â€ he said.
From Rubber & Plastics News (A Crain publication)