CLEVELAND, Dec. 3 /PRNewswire-FirstCall/ -- Parker Hannifin (NYSE: PH), the world leader in motion and control technologies, today announced that it has acquired the Texas Thermowell Industries business of Bravura, Ltd., a leader in temperature sensing protection equipment. Parker purchased the Texas Thermowell business for an undisclosed amount. The anticipated annual revenue of the business for the fiscal year ending December 31, 2007 will be approximately $5 million. The acquisition is expected to be accretive in its first full year of integration within Parker's Instrumentation Group and will be reported in Parker's Industrial North America Segment.
"Texas Thermowell products will give Parker a solid foundation in critical temperature sensing applications within chemical processing and petroleum refining markets," said John Greco, President of Parker's Instrumentation Group. "Temperature sensing is among the most commonly required control applications in processing plants which may have dozens of temperature monitoring points using these devices to protect sensors. Customers in the industrial and analytical markets already served by Parker will benefit from this expansion of our technological capability."
"We're pleased to become part of the Parker family," said Clint Talbot, Texas Thermowell President. "Parker's strong global presence will provide new distribution channels for our products, as well as exciting opportunities for our employees."
Since 1982, the Texas Thermowell business has specialized in the development and manufacture of precision instruments that protect temperature sensing equipment. The Texas Thermowell headquarters and manufacturing facility is located in Beaumont, TX.
With annual sales exceeding $10 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 57,000 people in 43 countries around the world. Parker has increased its annual dividends paid to shareholders for 51 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.
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. All statements regarding future performance, earnings projections, events or developments are forward-looking statements. It is possible that the future performance and earnings projections of the company and individual segments may differ materially from current expectations, depending on economic conditions within both its industrial and aerospace markets, and the company's ability to achieve and maintain anticipated benefits associated with announced realignment activities, strategic initiatives to improve operating margins, and growth and innovation initiatives. A change in economic conditions in individual markets may have a particularly volatile effect on segment results. Among the other factors which may affect future performance are: changes in business relationships with and purchases by or from major customers or suppliers, including delays or cancellations in shipments; uncertainties surrounding timing, successful completion or integration of acquisitions; threats associated with and efforts to combat terrorism; competitive market conditions and resulting effects on sales and pricing; increases in raw-material costs that cannot be recovered in product pricing; the company's ability to manage costs related to employee retirement and health care benefits and insurance; and global economic factors, including manufacturing activity, air travel trends, currency exchange rates, difficulties entering new markets and general economic conditions such as inflation, interest rates and credit availability. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them.SOURCE Parker Hannifin 12/03/2007 CONTACT: Media, Christopher M. Farage, Vice President, Corp. Communications, +1-216-896-2750, email@example.com, or Financial Analysts, Pamela Huggins, Vice President, Treasurer, +1-216-896-2240, firstname.lastname@example.org, both of Parker Hannifin