Parker-Hannifin buys Power Components of Midwest Inc.
Parker Hannifin Corp., a manufacturer of motion and control technologies, announced the acquisition of Power Components of Midwest Inc., a manufacturer of sensors and switches for OEMs in the agricultural, off-road vehicle, heavy truck and general industrial markets. Power Components, located in Mishawaka, Ind., has 191 employees in two facilities, and will be integrated into Parker's Global Hydraulics Group.
Revenues for Power Components were approximately $19 million (in comparison to Parker's $9.39 billion) for the year ended December 2005. Earnings are expected to be accretive to Parker in the first full year. Terms of the deal were not disclosed.
"One of the many strengths Power Components brings to Parker is new intellectual property that will aid our ongoing development of intelligent hydraulics," said Lee Banks, President of Parker Hydraulics.