CLEVELAND, Nov. 4 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation
(NYSE: PH), the global leader in motion and control technology, today
announced that it has completed the purchase of Matrx nitrous oxide delivery
systems from the Midmark Corporation. The new line will allow Parker to
expand its geographic market space for dental nitrous systems to global
markets outside its current North American base of operations. The product
line will be relocated from Midmark's Orchard Park, NY facility to Parker's
Porter Instrument Division in Hatfield, PA, and will become a part of Porter's
operations with revenue reported within the Industrial North America segment.
Midmark's sales of the Matrx product line in its most recent fiscal year were
approximately $7 million. Terms of the agreement were not disclosed.
The Matrx nitrous oxide delivery system includes digital flowmeters,
manifold systems, standard analog flowmeters and breathing circuits. "The
Matrx product line broadens our offering in the dental equipment market and
enables Parker to offer products uniquely designed for oral surgery and
cosmetic markets," said John Greco, President of Parker's Instrumentation
Group. "These products enhance Porter's range of solutions to satisfy varying
customer requirements. This transaction demonstrates Parker's continuing
expansion in high-growth markets."
"We are confident Parker's Porter Instrument Division will seamlessly
integrate this product line into their existing operations. Satisfying the
needs of our mutual customers during this transition will be the goal of both
companies," said Eric Shirley, General Manager of Midmark's Dental Division.
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.
