Parker Hannifin is to acquire the operations of ITR SpA, a subsidiary of the SAIAG Group, for Euro 77 million ($68 million).
ITR is an Italian manufacturer of hose, fittings and rubber compounds for hydraulic,industrial and oil/gas applications. The cash transaction, which is expected to close during the first quarter of the calendar year, is subject to regulatory approval.
ITR had sales of approximately Euro 165 million (US $147 million) in 2000. The company operates seven production facilities in Italy, Brazil and Chinaand sales offices in Italy, France, Spain, Germany, Belgium and the US.
The operations, which will be integrated into Parker’s fluid connectors business, have 1,600 employees.
As with other recent acquisitions, Parker said it expects this acquisition to be accretive within the first full year.
SAIAG said it is selling the ITR business because it does not fit with the company’s long-term strategic objectives.