CLEVELAND--(BUSINESS WIRE)--June 30, 1999--Parker Hannifin Corporation (NYSE:PH) announced today that it is acquiring for an undisclosed amount of cash the European operations of Nylaflow Division of DSM Engineering Plastics Products, a leading manufacturer of thermoplastic pressure hose and tubing located in Amelo, Netherlands.
Nylaflow's main products include a variety of thermoplastic hose and tubing for industrial, construction and truck customers, primarily in Europe. Annual sales are approximately U.S. $9 million. Nylaflow has 75 employees.
The Nylaflow operations and its employees will become part of Parker's Polyflex Division-Europe, a unit of the Fluid Connectors Group. The transfer supports DSM Engineering Plastic Products' strategy of concentrating on its core business of engineering plastic stock shapes.
Jack D. Myslenski, President of Parker's Fluid Connectors Group, said, ''Nylaflow is a respected, quality producer of thermoplastic pressure hose and tubing that will strengthen Parker's line of connector products in the European marketplace. This acquisition reflects the Company's strategy of providing customers around the world a trusted single-source supplier of quality motion control solutions.''
Parker Hannifin is a leading diversified manufacturer of motion control, instrumentation and fluid flow components and systems for hundreds of industrial and aerospace markets worldwide. For more information, visit the Company Web site at www.parker.com.
Parker Hannifin Corporation Media: Lorrie Paul Crum, 216/896-2750 Jodi L. Bennett, 216/896-3258 Financial Analysts: Timothy K. Pistell, 216/896-2130