CLEVELAND (May 14, 2008) — Parker Hannifin Corp. has acquired the remaining stake in its Mexican joint venture, Parker Seal de Mexico, the company announced May 12.
Parker held a 49-percent stake in the operation, which generates annual revenues of about $8.3 million, prior to acquiring the remaining interest from multiple joint venture partners. Terms of the purchase, which was finalized April 30, were not disclosed.
The acquired operation will become part of Parker's Seal Group, and its results will be reported within the Industrial North America business segment, the company said.
Parker was fortunate to be part of an excellent partnership in Mexico for 42 years, said Heinz Droxner, president of Parker's Seal Group. Now, as sole owner, the company can sell any of its thousands of seal products into the Mexican market, he said.
"This is part of our long-term strategy to serve customers who have operations in Mexico, and positions Parker to meet all of its sealing requirements in-country," Droxner said.