CLEVELAND (Nov. 5, 2008) — Parker Hannifin Corp. has purchased Nexgen Hose Inc., a manufacturer of industrial hose and tubing for a variety of markets.
Terms of the deal weren't released.
Nexgen posted 2007 sales of $7.2 million and employs about 40 employees at its factory in Fergus, Ontario. It uses a variety of elastomers and thermoplastics to make niche and industry-standard applications that are used in the medical, agriculture, mining, diving, potable water/beverage and fire suppression industries.
Nexgen boosts Parker's position in the North American industrial hose market and broadens its product offering, according to Bob Bond, president of Parker's Fluid Connectors Group. “Nexgen's strong brand recognition and innovative products complement our ability to provide customers with the industry's broadest range of fluid handling hose and tubing,” Bond said.
David Tomlinson, Nexgen general manager, said he believes “Parker will be a strong and effective new owner of Nexgen and will continue to develop the business through a long-term commitment to Nexgen, its employees and its customers.”