Parker Hannifin Corp. has acquired Advanced Products Co., a privately held manufacturer of metallic and polymer spring-energized seals, in a cash-for-stock transaction.
Terms of the deal, announced Wednesday, were not disclosed.
Parker Hannifin has annual sales of more than $7 billion and employs more than 48,000 people in 46 countries. The company has plants in Lyons and Clyde, which employ some 650 workers.
Advanced Products will be integrated with Parker Hannifinâ€™s Seal Group, which provides sealing materials to a broad range of motion and control markets worldwide.
With operations in North Haven, Conn., and Boom, Belgium, Advanced Products employs 150 people worldwide and has annual sales of some $20 million.
â€œWe have enjoyed being a customer of Advanced Products for seals formerly not available in our product line,â€ said Heinz Droxner, president of Parker Hannifinâ€™s Seal Group. â€œNow we look forward to the opportunities presented by combining their leading technologies, particularly in high-temperature resilient metallic seals, with our global marketing and distribution capabilities.â€
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