Parker Hannifin Corporation (NYSE:PH), the global leader in motion and control technologies, announced that it has acquired PGI International, headquartered in Houston, Texas. PGI is a market leading designer and manufacturer of specialized, high-pressure flow control components and systems for oil & gas, agriculture, and petro-chemical applications. Terms of the transaction were not disclosed.
PGI International has sales of approximately $100 million and 550 employees, and their products are used to enable safe and reliable connection, isolation, measurement and control of high-pressure fluids. The acquired company will become a part of Parker’s Instrumentation Group and approximately 80 percent of revenues will be reported in the North American Industrial segment and the remaining 20 percent of revenues will be reported in the International Industrial segment.
“This acquisition will strengthen Parker’s position in the Oil and Gas and General Instrumentation markets,” said John Greco, Vice President and President – Instrumentation Group. “The addition of PGI provides product and manufacturing technologies and expanded systems capabilities along with a solid name in the industry. We are excited about the opportunities to combine our organizations to allow us to extend more solutions to our customers.”
With annual sales exceeding $13 billion in fiscal year 2012, 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 mobile, industrial and aerospace markets. The company employs approximately 60,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 56 consecutive fiscal 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 www.parker.com or its investor information web site at www.phstock.com.
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