CLEVELAND (Nov. 17, 2010)—Parker Hannifin Corp. has acquired Gulf Coast Seal Ltd. in a deal that the Cleveland-based firm said will build on its oil and gas market position and extend its quick response service model.
Houston-based Gulf Coast Seal is a supplier of highly engineered elastomeric and plastic sealing components and sub-systems for use in offshore oil and gas applications, as well as providing quick-response machining and value-added services.
Terms of the deal were not disclosed. Parker said it expects the acquisition to be accretive to earnings in its first full year of operations.
Gulf Coast Seal has annual sales of about $45 million and employs about 160, with facilities in Houston and Glasgow, Scotland. Its sales will be reported in Parker's Industrial reporting segment, with Gulf Coast Seal integrated into Parker's Engineered Polymer Systems Division, which is headquartered in Salt Lake City, Utah, and is part of the Parker Seal Group.
The new company also gives Parker a product line extension, as Gulf Coast makes a full line of PEEK components, according to Kurt Keller, Parker Seal Group president.
Steve Leatherwood, Gulf Coast Seal president, said the deal “will allow us to expand the business far beyond what we would be capable of doing on our own, while still allowing us to operate with the autonomy and agility to meet our customers' needs.”