CLEVELAND (April 4, 2012)—Parker Hannifin Corp. has acquired Snap-tite Inc., a company based in Erie, Pa., that makes high-pressure fluid power components for the oil and gas, industrial and research markets.
Parker did not say what it paid for Snap-tite, which has annual sales of about $100 million and employs 500. Snap-tite has operations in Erie and Union City, Pa.; Houston, Texas; and Wexford, Ireland.
The acquired company will be integrated into Parker's Instrumentation and Fluid Connector Groups, both of which are included in the Industrial Segment. About 64 percent of Snap-tite's sales will be reported as North America Industrial and the rest as International.
“Snap-tite has built a strong reputation particularly in the oil and gas and industrial fluid power markets, which are strategic markets for Parker,” John Greco, president of Parker's Instrumentation Group, said. “By acquiring Snap-tite we have expanded our offering into high-pressure applications, allowing us now to offer customers a broad suite of solutions across the spectrum of vacuum and pressure connections. The acquired product lines also help Parker fill some important niche product gaps within our fluid power markets."
Snap-tite president and CEO John Clark said, “As a third-generation family business, we are proud of the accomplishments of everyone involved in growing Snap-tite from its inception in 1935 until today. We are pleased to be able to hand over stewardship of this legacy to Parker and are confident in the growth opportunities which will be created within their decentralized and entrepreneurial business culture.”