Parker Acquires Micro Thermo Technologies Extending Systems Capabilities in Climate Control Markets
August 24 2010 - 8:56AM
PR Newswire (Canada)
CLEVELAND, Aug. 24 /CNW/ -- Parker Hannifin Corporation (NYSE: PH),
the global leader in motion and control technologies, today
announced that it has acquired Micro Thermo Technologies of Quebec,
Canada from Carrier Corporation. Micro Thermo Technologies is a
leading manufacturer of refrigeration controls and energy
management systems for supermarket applications. Terms of the
transaction were not disclosed. The acquisition is expected to be
accretive to earnings in its first full year of operations. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO ) (Logo:
http://photos.prnewswire.com/prnh/19990816/PHLOGO ) Micro Thermo
Technologies had sales of approximately $10 million for the year
ended December 31, 2009 and employs approximately 50 people. Sales
will be reported in Parker's Climate and Industrial Controls
reporting segment and the acquired company will be integrated into
the Electronics business unit of Parker's Sporlan Division. "This
acquisition strengthens our ability to establish the most complete
range of electronic and mechanical control systems for supermarket
refrigeration and HVAC systems," said Tom Healy, President of
Parker's Climate and Industrial Controls Group. "Micro Thermo
Technologies has built a strong reputation for quality electronic
controls in markets that are complementary to our Sporlan brand
mechanical controls markets in North America. These combined
capabilities extend our position as a systems provider to our
customers and can help drive growth in this part of our business."
With annual sales of $10 billion in fiscal year 2010, Parker
Hannifin is the world's leading diversified manufacturer of motion
and control technologies and systems, providing
precision-engineered solutions for a wide variety of mobile,
industrial and aerospace markets. The company employs approximately
55,000 people in 46 countries around the world. Parker has
increased its annual dividends paid to shareholders for 54
consecutive fiscal years, among the top five longest-running
dividend-increase records in the S&P 500 index. For more
information, visit the company's web site at www.parker.com, or its
investor information web site at www.phstock.com. Forward-Looking
Statements Forward-looking statements contained in this and other
written and oral reports are made based on known events and
circumstances at the time of release, and as such, are subject in
the future to unforeseen uncertainties and risks. All statements
regarding future performance, earnings projections, events or
developments are forward-looking statements. It is possible that
the future performance and earnings projections of the company and
individual segments may differ materially from current
expectations, depending on economic conditions within its mobile,
industrial and aerospace markets, and the company's ability to
maintain and achieve anticipated benefits associated with announced
realignment activities, strategic initiatives to improve operating
margins, actions taken to combat the effects of the current
economic environment, and growth, innovation and global
diversification initiatives. A change in economic conditions in
individual markets may have a particularly volatile effect on
segment results. Among the other factors which may affect future
performance are: changes in business relationships with and
purchases by or from major customers, suppliers or distributors,
including delays or cancellations in shipments, disputes regarding
contract terms or significant changes in financial condition, and
changes in contract cost and revenue estimates for new development
programs; uncertainties surrounding timing, successful completion
or integration of acquisitions; ability to realize anticipated cost
savings from business realignment actions; threats associated with
and efforts to combat terrorism; uncertainties surrounding the
ultimate resolution of outstanding legal proceedings, including the
outcome of any appeals; competitive market conditions and resulting
effects on sales and pricing; increases in raw material costs that
cannot be recovered in product pricing; the company's ability to
manage costs related to insurance and employee retirement and
health care benefits; and global economic factors, including
manufacturing activity, air travel trends, currency exchange rates,
difficulties entering new markets and general economic conditions
such as inflation, deflation, interest rates and credit
availability. The company makes these statements as of the date of
this disclosure, and undertakes no obligation to update them unless
otherwise required by law. Media, Aidan Gormley, Director,
Corporate Communications, +1-216-896-3258,
aidan.gormley@parker.com, or Financial Analysts, Pamela Huggins,
Vice President &Treasurer, +1-216-896-2240, phuggins@parker.com
Web Site: http://www.phstock.com
Copyright
Parker Hannifin (NYSE:PH)
Historical Stock Chart
From May 2024 to Jun 2024
Parker Hannifin (NYSE:PH)
Historical Stock Chart
From Jun 2023 to Jun 2024