CLEVELAND (June 4, 2008) — Parker Hannifin Corp. has acquired industrial hose maker Titan Industries in a deal that will expand Parker's product line and give it entrance to several new markets. Terms of the deal were not disclosed.
South Gate, Calif.-based Titan posted sales of $28 million last year and employs 150, with locations in Houston and Salisbury, N.C., besides its headquarters facilities.
Titan produces industrial rubber, custom made and composite hoses for fluid and material transfer, along with related products, services and accessories. Parker said the deal will substantially boost its product offerings and give it access to the marine, aircraft, food and dock side refueling markets. The firm said Titan will complement Parker's strengths in chemical, petroleum, air, water, cement and material handling applications.
Parker will integrate Titan into its Industrial Hose Products Division, which is part of its worldwide Fluid Connectors Group. The Cleveland-based conglomerate expects Titan to add to its earnings within the first year.
Titan President Todd Mackey said Parker's “superb products, reputation and distributor alliances will dramatically enhance Titan's position in North America and elsewhere in the world.”