CLEVELAND (April 7, 2008) — Parker Hannifin Corp. has purchased all of the issued and outstanding shares of capital stock of HTR Holding Corp. and its subsidiaries, which include medical specialists Hi-Tech Rubber Inc., Inland Technologies, Inc., Ventrex Inc. and Accusil Inc.
The acquired companies operate under their own names and under the trade names Hi-Tech Group, A.C. Hoffman Engineering and Infinity Plastics. Terms of the deal were not disclosed, but fiscal 2007 sales for HTR Holding were about $93 million.
The Hi-Tech Group companies provide precision plastic and elastomeric components for medical devices such as intravenous equipment, drug infusion pumps, masks, septums, respirator hoses, catheters and diaphragms sold directly to original equipment manufacturers. The group also produces components for various pump valves, liquid control valves and other non-medical devices.
The acquired businesses will be integrated as a new division, called the Medical Systems Division, within Parker's Seal Group and its sales will be reported as part of Parker's Industrial North America segment. The Hi-Tech Group companies will give Parker greater access to the medical device market, said Heinz Droxner, president of the company's Seal Group.
Parker has been a major supplier of seals for high tech applications in several strategic market segments for many years, including the electronics, semiconductor, aerospace and life sciences segments, Droxner said.
“With our capabilities to engineer innovative, high quality seals in high volume, our combined companies will have increased opportunities to provide value in the life sciences market. We will be in a position to improve the productivity and profitability of our customers."