Parker is acquiring Kenmore International, a manufacturer and distributor of components for global refrigeration and air conditioning markets, from Norway’s Lai Berg Holding.
The acquisition is expected to close in the coming weeks once final regulatory approval is received. Terms of the sale were not disclosed.
Kenmore had sales of approximately $110 million in 2004. The acquisition is expected to be accretive within a year of its integration as part of Parker’s Climate and Industrial Controls (CIC) business group.
Kenmore operates facilities in Turkey
, the United Kingdom
and the U.S.
employing more than 1,000 people in the design, manufacture and sale of system protectors and related components.