Parker Hannifin Acquires Hargraves Technology - 2009-03-03

CLEVELAND, Oct. 1 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation (NYSE: PH), the world leader in motion and control technology, today announced that it has acquired three companies whose total sales for their most recently reported fiscal years approaches one half billion dollars. Parker is remaining focused on executing its plans for growth throughout the current economic turbulence.
"We continue to maintain our long-term focus on growth and positioning Parker for sustained financial performance," said Don Washkewicz, Chairman, Chief Executive Officer and President. "The acquisitions we have announced today bring us new technologies and market opportunities. They also signal an ongoing commitment to our growth strategy, managing our assets conservatively, and making appropriate use of strong cash flows."
The three businesses that Parker has acquired, Legris, SA; Origa Group; and Hargraves Technology Corporation, reflect the company's continuing goal of diversifying operations internationally, extending and complementing existing technologies, and taking advantage of opportunities in less cyclical end markets, such as life sciences.
Hargraves Technology Corporation of Mooresville, North Carolina, is a leader in the innovative design and manufacture of miniature liquid and pneumatic diaphragm pumps, control valves and system solutions. These products control movement and direction of precise amounts of fluid in medical devices and life science analytical instrumentation as well as diagnostic, gas detection, and printing systems. Hargraves' sales for the fiscal year ending December 31, 2007 were approximately $14 million.
"Hargraves' products extend Parker's position as a fluidics provider to the life science and medical markets," said Roger Sherrard, President of Parker's Automation Group. "These products complement our existing capabilities and will strengthen our customer relationships through a broader offering and the ability to provide integrated solutions."
"There are many synergies between Parker and Hargraves Technology which date back to the acquisition of Pneutronics, which my late husband Don Hargraves founded," said Linnea Hargraves, Chairman/CEO of Hargraves Technology. "We believe that Hargraves' innovative products and people will be an excellent fit within Parker and Parker's global scope will enable our products to serve a wider market."
Parker will combine the acquisition with its technology platforms for diaphragm pumps, miniature solenoid and proportional valves, electronic pressure controls, liquid and aggressive media valves and system integration capability to establish a newly created Precision Fluidics Division. This division is focused on medical, analytical, life sciences and printing markets worldwide.
With annual sales exceeding $12 billion, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets. The company employs approximately 62,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 52 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's web site at www.parker.com, or its investor information site at http://www.phstock.com .



Parker - miniature solenoid valves and diaphragm pumps

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