CLEVELAND (Oct. 17) — Parker Hannifin Corp. has purchased the Tecknit Division of Technical Wire Products L.L.C. to bolster its existing range of electromagnetic interference shielding products.
Revenues of the acquired business totaled about $18.3 million in 2005. Earnings are expected to be accretive to Parker in the first full year, the company said. Terms of the deal were not disclosed.
The Tecknit business, which is headquartered in Cranford, N.J., employs about 250 people and occupies more than 90,000 square feet of manufacturing and office space located in the U.S., United Kingdom, Mexico and China. Its manufacturing facilities are ISO 9001:2000-certified.
Tecknit, which began operations in 1958, will be integrated into Parker´s Chomerics division, a unit of Parker´s global Seal Group.
"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," said Heinz Droxner, president of Parker´s Seal Group.
"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."