Parker Hannifin to buy Wynn´s International

CLEVELAND (June 14)—Parker Hannifin Corp. plans to acquire Wynn´s International Inc. for about $497 million in cash, a move that would create the third largest manufacturer of seals in the market, Parker claimed. Combined, Wynn´s and Parker´s Seal Group would post almost $1 billion in sales and trail only Freudenberg-NOK G.P. and Federal-Mogul Corp. in sealing market share. Wynn´s brings significant original equipment business in mobile applications, while Parker is stronger in industrial markets, Parker said. Subject to regulatory and shareholder approvals, the deal is expected to close by late July 2000.