Commitment to growth

Parker Hannifin Corporation has acquired Legris, Origa Group and Hargraves Technology in three separate deals that will see it renew its commitment to long-term growth.


Parker Hannifin Corporation, specialists in motion technology, has acquired Legris, Origa Group and Hargraves Technology in three separate deals that will see it renew its commitment to long-term growth.


Parker believes that the acquisitions will allow it to diversify international operations, extend existing technologies and take advantage of sectors such as life sciences.


Legris, a leading manufacturer in fluid circuit components, recorded revenue earnings of €233m (£181m) in 2007. Parker’s acquisition of the Rennes, France-based company is expected to be accretive to earnings in the first year and will expand Parker’s pneumatic and hydraulic capabilities in Europe.


The sale of Origa Group, a manufacturer of automation technology, is hoped to broaden Parker’s actuator offering.


Dieter Friedemann of Origa Group, said: ‘Parker has a reputation for leveraging the capabilities of the businesses it acquires yielding accelerated growth and profitability. That is good news for Origa customers, suppliers and employees.’


The acquisition of Hargraves Technology Corporation will strengthen Parker’s foothold in the science and medical markets. Hargraves designs and manufactures miniature liquid and pneumatic diaphragm pumps, control valves and system solutions. Last year its revenue totalled approximately $14m.


Parker will incorporate this acquisition with its established liquid pump technology platforms to create a precision fluidics division.

Don Washkewicz, chairman, chief executive officer and president of Parker, said: ‘The acquisitions we have announced bring us new technologies and market opportunities. They also signal an ongoing commitment to our growth strategy, managing our assets conservatively, and making appropriate use of strong cash flows.’