Parker Hannifin (PH) Buys Hydraulics Manufacturing Unit of PIX Transmissions

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Parker Hannifin Corporation (NYSE: PH) today announced that it has acquired the hydraulics manufacturing division of PIX Transmissions Ltd. based in Nagpur, India. PIX is a leading manufacturer of a broad range of hydraulic and industrial hose, hose assemblies and fittings primarily used in general engineering, marine, agriculture, mining, construction and HVAC markets.

Terms of the transaction were not disclosed.

The acquired business has annual sales of approximately $13 million, employs 470 people and includes a recently upgraded $25 million state-of-the-art manufacturing plant in Nagpur. The division will be integrated into Parker's Fluid Connectors Group and the sales will be reported as part of the International Industrial Segment.

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