ONTARIO, Calif.—In line with its effort to significantly expand its O-ring business, Datwyler Sealing Solutions has signed a deal to acquire U.S.-based Parco Inc., marking Datwyler's second acquisition within a week.
Financial terms of the Parco deal were not disclosed, but Datwyler noted that it expects the purchase to be finalized in the coming weeks.
A family-owned company, Parco is a supplier of O-rings and customized elastomer seals, and serves multiple industries throughout the U.S. including oil and gas, aerospace, water filtration, farm, construction and fuel-dispensing. Parco, which employs 275, has a compound development and engineering department as well as its own mixing facility and mold and die production.
All four for Parco's U.S. production sites will be acquired by Datwyler, according to a news release. The company posted revenue of $61.5 million in 2017.
"Acquiring Parco opens up some new market segments for us and presents us with wide-ranging options for strategic development," Datwyler CEO Dirk Lambrecht said in a statement.
In addition to Parco's takeover, Datwyler said it was strengthening its position in the U.S. by "significantly expanding" its existing O-ring business, which it acquired in its 2015 takeover of Origom.
Datwayler, in late August, unveiled plans to acquire Bins Industria de Artefatos de Borracha Ltda., a move it said would help to close geographical gaps in the automotive supply.
DSS is part of the Swiss manufacturing group Datwyler Holding A.G.