Parker to buy Invensys pneumatics unit

CLEVELAND, Ohio (Sept. 18)—Parker Hannifin Corp. has signed an agreement to purchase the assets and stock of Invensys´ pneumatics business for $38 million. The integration of the $50 million per year unit into Parker´s automotive group will broaden its pneumatics capacity and expand its offerings of equipment and controls for automated processes used in material handling, machinery and many types of manufacturing. The sale is subject to regulatory and other customary approvals and is expected to be completed around Sept. 30, a Parker release said.