Parker Hannifin has acquired the assets of Mead Fluid Dynamics Ltd., the UK-based subsidiary of Chicago-based Mead Fluid Dynamics, for an undisclosed amount.
Located in West Sussex, Mead Fluid Dynamics has annual revenues of approximately $3 million. The company itself is a designer and assembler of pneumatic components and control systems for the transportation and process control markets.
The business will be integrated into Parker’s Automation Group and the current operation will be transferred to Parker’s Pneumatic Division Europe located in Cannock.
Earlier in the year, Parker announced that it had acquired hydraulic fluid power vendor Denison International. Denison, which had annual revenues of approximately $180 million, now operates as a division of the Parker Hydraulics Group.
In the latest financial update from the company, Parker Hannifin reported a 122% increase in net income for the fiscal third quarter ended March 31, 2004.
The company earned $107.8 million, or 90 cents per diluted share, on sales of $1.91 billion, compared with net income of $48.7 million, or 42 cents per diluted share, earned on sales of $1.65 billion last year.