CLEVELAND, Feb 18, 2005 /PRNewswire-FirstCall via COMTEX/ -- Parker Hannifin Corporation (NYSE: PH) today announced that it has acquired Markwel Hose Products PVT, Ltd., a manufacturer of braided and spiral hydraulic hose products, with operations in Mumbai and Hyderabad, India. Markwel has annual sales of approximately $13 million. Terms of the agreement were not disclosed. The acquisition is expected to be accretive to earnings in calendar year 2005.
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"The addition of Markwel to Parker's world-wide connector platform provides our Asia customers another key ingredient to their total motion and control needs," said Joe Vicic, President, Asia Pacific for Parker. "Markwel's considerable expertise and quality product offering complements our Asia Pacific connector manufacturing capability which will now include major manufacturing and customer support operations in South Korea, China and India. This acquisition indicates Parker's continued dedication to providing premier customer service by locating near our customers as we have in Navi Mumbai."
"Having grown from a family business to the recognized engineering and quality leader for hose products in India, we are pleased to join Parker," said Jimmy Marker, owner of Markwel. "Parker's quality reputation is global in scope and its complete fluid power systems range offers a strong value proposition for our existing hose product customers in this period of explosive economic growth in India."
Markwel's manufacturing operation in Hyderabad and headquarters in Mumbai employ 350 people in the production of hydraulic hose products that are integral components of the hydraulic systems of heavy duty mobile and industrial machinery. Parker manufactures all major components of hydraulic systems that power and control equipment across a broad range of applications worldwide.
With annual sales exceeding $7 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 48,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 48 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 http://www.parker.com , or its investor information site at http://www.phstock.com .
SOURCE Parker Hannifin Corporation
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