CLEVELAND, Nov. 3 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH), the global leader in motion and control technology, announced
today that it has acquired Aqua Pro, Inc. a manufacturer of reverse osmosis
("RO") filtration systems for military, commercial and pleasure marine
applications. Aqua Pro sales for fiscal 2008 were $33.0 million. The
acquisition is expected to be accretive to earnings within its first year
following acquisition and its results will be reported as a component of
Parker's Industrial North America segment. Terms of the acquisition were not
disclosed.
With manufacturing centers in Gardena and San Fernando, California, Aqua
Pro does business as Village Marine Tec and Offshore Marine Laboratories.
Sales and service locations are located in California, Florida, Hawaii,
Virginia, and Washington. The company sells to Original Equipment
Manufacturers including boat and ship builders, independent distributors, U.S.
military branches and end users. Aqua Pro's product line includes RO systems
for military on-board submarines, and land applications as well as offshore
oil rigs, work boats, fishing vessels, and pleasure boats.
"Aqua Pro is recognized as the leader in on-board marine reverse osmosis
products and their innovative, engineered systems are currently in use on the
most advanced Navy ships and premier motor yachts," said Peter Popoff,
President of the Parker Filtration Group. "Expansion of the current business
as well as additional applications in aerospace, biosciences, and industrial
filtration will complement Parker's existing products in growth markets. The
water filtration and purification systems enable Parker to respond to one of
the greatest challenges facing mankind, available potable water. The Aqua Pro
product line will contribute to the sales growth of Parker Filtration's global
operations including our Racor Division and their widely-accepted marine
filtration systems."
"For over 30 years, Aqua Pro has been dedicated to advancing the
technology of reverse osmosis water filtration. We are pleased that our
state-of-the-art systems and products will now serve broader markets on a
global scale," said Robert Kershaw, Sr., President and CEO of Aqua Pro. "We
are proud to pass this legacy on to a financially solid, innovative company
and to being associated with the Parker brand and the popular Racor products."
With annual sales exceeding $12 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
mobile, industrial and aerospace markets. The company employs approximately
62,000 people in 48 countries around the world. Parker has increased its
annual dividends paid to shareholders for 52 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 http://www.parker.com, or its
investor information site at http://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, 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 or suppliers, including delays or
cancellations in shipments or significant changes in financial condition;
uncertainties surrounding timing, successful completion or integration of
acquisitions; threats associated with and efforts to combat terrorism;
uncertainties surrounding the ultimate resolution of outstanding litigation;
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 employee retirement and
health care benefits and insurance; and global economic factors, including
manufacturing activity, air travel trends, currency exchange rates,
difficulties entering new markets and general economic conditions such as
inflation, interest rates and credit availability. The company makes these
statements as of the date of this disclosure, and undertakes no obligation to
update them.
