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ITR had sales of approximately Euro 165 million (US $147 million) in 2000. The company operates seven production facilities in Italy, Brazil and China and sales offices in Italy, France, Spain, Germany, Belgium and the U.S. The operations, which will be integrated into Parker's fluid connectors business, have 1,600 employees.
"The acquisition of ITR will complement the products Parker gained through its recent acquisition of Dayco," said Phil Stamp, President of Parker's Fluid Connectors Group - Europe. "Together, these will solidify Parker's position in Europe as a major supplier of hydraulic hose and fittings for industrial applications. In addition, this acquisition will strengthen Parker's presence in the Italian, Chinese and Brazilian markets."
As with other recent acquisitions, Parker said it expects this acquisition to be accretive within the first full year. SAIAG said it is selling the ITR business because it does not fit with the company's long-term strategic objectives.
With annual sales of $6 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 more than 45,000 people in 45 countries around the world. For more information, visit the company's web site at www.parker.com .
The SAIAG Group, which recorded a consolidated turnover of approximately 600 million Euro for 2000, produces and manufactures aluminum foils and thermoformed products for industrial and consumer applications.
Forward-Looking Statements:
Forward-looking statements contained in this and other written and oral reports are made based on known events and circumstances at the time of release, and as such, are subject in the future to unforeseen uncertainties and risks, including the ability to successfully integrate acquired assets. All statements regarding future performance, events or developments are forward-looking statements. It is possible that the company's future performance may differ materially from current expectations expressed in these forward-looking statements, due to a variety of factors such as changes in: business relationships with and purchases by or from major customers or suppliers; competitive market conditions and resulting effects on sales and pricing; increases in raw-material costs which cannot be recovered in product pricing; and global economic factors, including currency exchange rates and difficulties entering new markets.
SOURCE Parker Hannifin Corporation
CONTACT: Media, Lorrie Paul Crum, VP - Corp. Communications, +1-216-896-2750, or lcrum@parker.com, or Financial Analysts, Timothy K. Pistell, Treasurer, +1-216-896-2130, or tpistell@parker.com
