Invensys and Parker Hannifin have executed a definitive agreement for Parker to acquire Invensys’ pneumatics operations for a cash consideration of $38 million. The transaction is expected to close at the end of September subject to normal regulatory approvals.
Invensys’ pneumatics operations comprise Watts FluidAir in the US, Climax SA in France and Maxam Pneumatics Limited, based in the UK. With annual sales of approximately $50 million, these operations manufacture a range of pneumatics components and products including pneumatic valves of all types, a broad range of pneumatic cylinders and actuators together with a range of filters, regulators and lubricators. In total, approximately 415 people are employed in the pneumatics operations.
Invensys was created by the merger of BTR plc and Siebe on 4th February 1999. With its head office in London, England and over 100,000 employees, it operates globally through four divisions – Software Systems, Automation Systems, Power Systems and Control Systems.
Invensys will be announcing its half year results at the end of November.
More on Invensys at www.invensys.com