CLEVELAND, Nov 23, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Parker Hannifin Corporation (NYSE: PH) today announced that it will complete its purchase of UK-based domnick hunter group plc by acquiring all of the company's remaining outstanding non-tendered shares. Parker anticipates that domnick hunter will cease to be traded on the London Stock Exchange in December 2005.
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"We are pleased to move to close this transaction and officially welcome the people of domnick hunter to Parker Hannifin," said Parker Chairman and CEO Don Washkewicz. "Domnick hunter immediately strengthens our global offering in filtration, a core Parker business platform that we continue to grow, one that we know how to manage, and one that historically has provided steady performance over the business cycle." Washkewicz added that he expects the integration of domnick to proceed quickly and successfully based on the strong 20+ year working relationship the two companies have had.
Parker management will discuss the acquisition in a conference call and webcast scheduled for 10:00 a.m. EST on Wednesday, December 7. Details for the webcast will be available at Parker's investor website http://www.phstock.com.
Domnick hunter had 2004 revenues of approximately $280 million. The acquisition is expected to be accretive to earnings after integration costs and synergies within the first full year of integration. Domnick hunter, founded in 1963, is an international group of companies specializing in the design and manufacture of filtration, separation, and purification products and technologies for a wide range of markets. The domnick hunter group is headquartered in Durham, United Kingdom, and employs over 1,900 people, who will become part of Parker's Filtration Group, with results reported within the company's Industrial Segments.
With annual sales exceeding $8 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 50,000 people in 46 countries around the world. Parker has increased its annual dividends paid to shareholders for 49 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 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 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 and interest rates. The company makes these statements as of the date of this disclosure, and undertakes no obligation to update them.
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