Parker-Hannifin (PH) Creates New Parker Bioscience Division
Zacks Investment Research | Jan 14, 2018 08:21PM ET
Parker-Hannifin (NYSE:PH) recently announced the formation of a new division, Parker Bioscience. The new division would offer international bioprocessing, food and beverage as well as healthcare solutions, previously managed under the Parker domnick hunter brand. The move is in sync with the company’s strategy of offering better services to clients in the biopharmaceutical manufacturing as well as food and beverage sectors.
The division, with sites located in Birtley, UK and Oxnard, CA, would provide integrated bioprocessing solutions that can speed up development times, increase safety & efficiency as well as enable reproducible quality.
Further, the incorporation of SciLog and domnick hunter enables the division to combine filtration, single-use fluid-handling systems and sensors into automated single-use solutions. The new division will enhance the company’s ability of serving the European biopharmaceutical markets more effectively by reducing the supply chain and offering close specialist technical support.
Existing Business Scenario
The premium motion and control technologies providerhas benefited tremendously from the global restructuring initiatives undertaken over the past few quarters. The initiatives helped combat weakness in some key regions and also served to strengthen the company’s position in its end markets. Further, the company is streamlining business and corporate functions as well as removing complex bureaucracy from organizational structure to create a “leaner” frame. Further, the company’s complimentary business realignment action, which when combined with the simplification initiative is likely to likely strengthen the manufacturing footprint, going forward.
Moreover, the company has been proactive in making acquisitions regularly to strengthen its core business. For instance, the CLARCOR buyout, which strengthened the company’s filtration product suite, is expected to supplement the company’s recurring revenue growth, going forward. Further, other bolt-on acquisitions including Arnold Jäger Holding GmbH‘s operating units, President Engineering Group Limited and Helac Corporation are anticipated to supplement top-line growth. Notably, shares of the Zacks Rank #3 (Hold) company has yielded 26.6% in the past six months, outperforming the Zacks Investment Research
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