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Parker Acquires
Tecknit Division of Technical Wire Products, LLC and Its Affiliates
- - Adds Strength to Existing Range of Electromagnetic
Interference Shielding Products
CLEVELAND,
October 16, 2006 – Parker (NYSE: PH), the world leader
in motion and control technologies, today announced the acquisition
of the Tecknit Division of Technical Wire Products, LLC and its
affiliates, a global provider of electromagnetic interference (EMI)
shielding products. Revenues of the acquired business totaled approximately
$18.3 million in 2005. Earnings are expected to be accretive to
Parker in the first full year. Terms of the deal were not disclosed.
Commencing operations in 1958, the Tecknit business is headquartered
in Cranford, New Jersey, employs approximately 250 people, and occupies
over 90,000 square feet of manufacturing and office space in the
U.S., UK, Mexico and China. Its manufacturing facilities are ISO
9001:2000 certified.
Steven Ferrie, CEO of Technical Wire Products, LLC stated, “The
acquisition of the Tecknit division by Parker provides Tecknit’s
customers, employees, and many valued business partners the opportunity
to work with a world class company that is committed to providing
innovative EMI Shielding Material solutions to the many markets
that Tecknit serves.”
Tecknit will be integrated into Parker’s Chomerics division,
a unit of Parker’s global Seal Group. Heinz Droxner, President
of Parker’s Seal Group, commented that “Tecknit’s
facilities in strategic locations in Europe, North America and Asia
enable us to more effectively integrate manufacturing, sales, service
and logistics to serve our global customers in an increasingly competitive
environment. The acquisition of Tecknit adds value to Parker Chomerics’
leadership position in EMI shielding by providing complementary
products for applications in telecommunications, defense, consumer
and medical electronics.“
About Parker Chomerics
The Chomerics division of Parker Hannifin Corp. (Woburn, MA) is
a global leader in development and application of advanced materials
for emerging technologies in electronics, transportation and alternative
energy systems. Parker Chomerics is the first choice in EMI shielding
and thermal management solutions for telecommunications, information
technology, medical devices, automotive, military, commercial and
consumer electronics industries. For details, visit www.chomerics.com.
Parker Chomerics is a registered trademark of Parker Hannifin Corporation.
About Parker
With annual sales exceeding $9 billion, Parker Hannifin is the world's
leading diversified manufacturer of motion and control technologies
and systems, providing precisionengineered solutions for a wide
variety of commercial, mobile, industrial and aerospace markets.
The company employs more than 57,000 people in 43 countries around
the world. Parker has increased its annual dividends paid to shareholders
for 50 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 reports and oral statements 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 Company’s future performance and earnings projections of
the Company may differ materially from current expectations, depending
on economic conditions within both its 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 and
innovation 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
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, 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 interest rates. The Company undertakes no obligation
to update or publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date of this
report.
Contact -
Media:
Christopher M. Farage
Vice President, Corp. Communications
216-896-2750
cfarage@parker.com
Contact Financial
Analysts:
Pamela Huggins
Vice President - Treasurer
216-896-2240
phuggins@parker.com
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