CLEVELAND, /PRNewswire-FirstCall/ -- Parker, a world leader in motion and control, announced the acquisition of Power Components of Midwest Inc., a designer and manufacturer of sensors and switches for original equipment manufacturers in the agricultural, off-road vehicle, heavy truck, and general industrial markets. Revenues of the acquired business were approximately $19 million for the year ended December 2005. Earnings are expected to be accretive to Parker in first full year. Terms of the deal were not disclosed.
Located in Mishawaka, IN, Power Components will be integrated into Parker's global Hydraulics Group. The company employs 191 people in two facilities and offers a full line of Hall Effect and noncontact sensors, including linear position, speed and direction, proximity, tilt and tip, and liquid level sensors, as well as integrated smart sensor assemblies.
"One of the many strengths Power Components brings to Parker is new intellectual property that will aid our ongoing development of intelligent hydraulics," said Lee Banks, President of Parker Hydraulics. "We are also acquiring a team of people who are experts at integrating sensor technologies into hydraulic applications. Together, we will continue to penetrate mobile and industrial hydraulics markets worldwide."
"Power Components is also adept at quickly and cooperatively designing custom sensor solutions," said Todd Webster, CEO of Power Components. "Our company often uses the proprietary and patented designs resulting from these custom solutions as the building blocks for entire families of unique and marketable sensors."
With annual sales exceeding $9 billion, Parker Hannifin is a 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 more than 57,000 people in 43 countries around the world. Parker has increased its annual dividends paid to shareholders for 50 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 or its investor information Web site.