Parker Hannifin Acquires Snap-tite
Parker Hannifin Corporation (NYSE:PH) – the Ohio-based US company and leader in motion and control technologies – announced it acquired the US company Snap-tite Incorporated of Erie, Pennsylvania. Snap-tite is a manufacturer of innovative high-pressure fluid power components for oil and gas, industrial and research markets. The terms of the transaction were not disclosed.
Snap-tite has annual sales of approximately USD 100 million and employs 500 people. The company has US locations in Pennsylvania and Texas as well as an international operation in Wexford, Ireland. Parker Hannifin will integrate Snap-tite into their Instrumentation and Fluid Connector groups in the general Industrial department. Approximately 64 percent of the sales will be reported as ‘North America Industrial’ and 36 percent reported as ‘International.’
“This acquisition will allow us to extend our leadership position in fluid power and process control markets,” said John Greco, President of Parker’s Instrumentation Group. “Snap-tite has built a strong reputation particularly in the oil and gas and industrial fluid power markets, which are strategic markets for Parker. By acquiring Snap-tite we have expanded our offering into high pressure applications allowing us now to offer customers a broad suite of solutions across the spectrum of vacuum and pressure connections. The acquired product lines also help Parker fill some important niche product gaps within our fluid power markets. We are excited to welcome the Snap-tite employees to the Parker family and anticipate that our combined strengths will make for a compelling offering for our customers.”
John Clark, President and CEO of Snap-tite, said, “As a third generation family business, we are proud of the accomplishments of everyone involved in growing Snap-tite from its inception in 1935 until today. We are pleased to be able to hand over stewardship of this legacy to Parker and are confident in the growth opportunities which will be created within their decentralized and entrepreneurial business culture.”
With annual sales exceeding USD 12 billion in the 2011 fiscal year, Parker Hannifin is a leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 58,000 people in 47 countries around the world.