CLEVELAND (July 5) — Parker-Hannifin Corp. has acquired Phoenixville, Pa.-based Mitos Technologies Inc, which manufactures fluid-handling products and systems for the biotech industry.
Products made by Mitos are designed to meet the high-purity requirements of the biotech industry and include tubing and hose, valves, pumps and molded components. Mitos posted sales of $5.5 million last year and employs 40 at its headquarters in Phoenixville. Terms of the deal weren´t disclosed.
Robert Bond, president of Parker-Hannifin´s fluid connectors group, said the acquisition of Mitos gives Parker-Hannifin a biotech supplier with a diverse product line supported by significant intellectual property and patent protection. This, along with other recent acquisitions of Rectus A.G., Dominick Hunter Group P.L.C. and Texloc & Page International, enables Parker-Hannifin to offer biotech customers the most comprehensive fluid solutions available, he added.
Mitos President Steven Welch said having the global resources of Parker will help his firm accelerate its product development platform and continue to exceed revenue growth targets.