CLEVELAND, Feb. 1, 2012
/PRNewswire/ -- Parker Hannifin Corporation (NYSE: PH), the
global leader in motion and control technologies, today announced
that it has acquired the railroad filtration business of the Camfil
Farr Group. The railroad filtration business of the Camfil
Farr Group is a leading manufacturer of air and liquid filtration
products used in rail and transit, mining and marine engine
applications. Terms of the transaction were not
disclosed.
(Logo: http://photos.prnewswire.com/prnh/19990816/PHLOGO)
Headquartered in Laval, Canada,
the railroad filtration business of the Camfil Farr Group had sales
of approximately $22 million in
2011. With approximately 90 employees and operations and
sales in Canada, Mexico and India and a sales presence in the United States and Australia, approximately 75% of the
ongoing revenues of the business will be reported in Parker's
Industrial North America reporting segment with the remaining 25%
reported in the Industrial International segment. The
acquired business will become a part of Parker's Filtration
Group.
"Parker sees significant opportunities to broaden our large
engine and air filtration product lines and leverage products in
other large combustion engine applications," said Peter Popoff, President – Filtration
Group. "The railroad business of Camfil Farr brings expertise
and services that allow Parker's Filtration Group to build a
worldwide presence in specialized rail, marine and mining markets,
while adding clean air technologies to strengthen our filtration
solutions capabilities. Additionally, this transaction will
give Parker Filtration manufacturing capacity in Canada and Mexico to better service customers in those
markets."
With annual sales exceeding $12
billion in fiscal year 2011, 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
58,000 people in 47 countries around the world. Parker has
increased its annual dividends paid to shareholders for 55
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, including its
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 performance. Among 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,
changes in contract cost and revenue estimates for new development
programs and changes in product mix; uncertainties surrounding
timing, successful completion or integration of acquisitions;
ability to realize anticipated costs savings from business
realignment activities; 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.
SOURCE Parker Hannifin Corporation