Parker-Hannifin (PH) Acquires 2 Units Of Jager Group
Zacks Investment Research | Jul 05, 2016 09:32PM ET
Parker-Hannifin Corporation (NYSE:PH) has been proactively pursuing acquisitions to bolster its core businesses. On Jul 1, the company took over two of Germany-based equipment manufacturer Arnold Jäger Holding GmbH‘s operating units – Jäger Automobil-Technik GmbH and Jäger Automotive Polska Sp. z.o.o.
The acquisition, whose value has been kept under wraps, is intended to enhance the company’s foothold in the global sealing markets. Jäger Group, which manufactures products to seal and protect key automotive system parts, is a name to reckon with in the automotive space. It offers state-of-the-art rubber to plastic direct bonded sealing systems and premium developer of two-component (2K) direct injection molding technology.
Adding the injection molding technology will widen Parker-Hannifin’s automotive portfolio and allow it to access both Jäger Automobil-Technik and Jäger Automotive Polska’s loyal customer base. With combined sales of $45 million, these businesses offer Parker-Hannifin a perfect catalyst to extend the use of this technology for other strategic markets. The businesses will be integrated into Parker-Hannifin’s Prädifa Technology Division in the Engineered Materials Group while revenues from the businesses will be reported under the Diversified Industrial segment.
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