CLEVELAND, Oct. 14, 2005 (PRNewswire-FirstCall) -- Parker Hannifin today announced it has acquired Sterling Hydraulics for an undisclosed amount of cash from Sterling Industries, Plc, a wholly owned subsidiary of Caledonia Investments Plc. With headquarters in Crewkerne, England, Sterling is a leader in the design and custom manufacture of products for mobile applications. Sterling Hydraulics produced revenue of approximately $42 million in its fiscal year ended March 31. The acquisition is expected to be accretive in its first full year of integration.
"We look forward to working with Sterling and growing our product offering together," said Lee Banks, President of Parker's Hydraulics Group. "We have a number of customers in common in the mobile hydraulics marketplace who will welcome this extension of our product line, as well as the greater market presence in Europe and Asia."
"Sterling has developed an international reputation as an independent hydraulics specialist, and is ready to expand beyond its traditional markets," said Tim Hair, managing director of Sterling. "We are confident that Parker's global reach will accelerate this process and create new opportunities for the business."
Sterling Hydraulics operates facilities in England and Chicago employing nearly 300 people. Since the 1960s, Sterling has been a recognized world leader in the design of custom hydraulic screw-in cartridge valves and manifold systems.
With annual sales exceeding $8 billion, 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 commercial, mobile, industrial and aerospace markets. The company employs more than 50,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 49 consecutive 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 site at www.phstock.com.
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