Parker Acquires Computer Technology Corporation, a Leading Producer of Industrial Hardware and Software Man-Machine Interface Products for Factory Automation.CLEVELAND--(BUSINESS WIRE)--Feb. 27, 1998--Parker Hannifin Corporation today acquired the stock of Computer Technology Corporation of Milford, Ohio Milford is a city in Clermont and Hamilton counties of the U.S. state of Ohio, along the Little Miami River in the southwestern part of the state. Milford, an abbreviated form of mill ford, was so named because it was the first safe ford across the Little Miami north of the Ohio (near Cincinnati) for an undisclosed amount. CTC CTC - Cornell Theory Center was founded in 1980 and has been a pioneer in the development of open-architecture industrial PC workstations that are bundled with modular software See modular programming. to produce advanced man machine interface (MMI (Man Machine Interface) See HMI. 1. MMI - Man-Machine Interface. 2. (company) MMI - The company which developed the first Programmable Array Logic devices. MMI was bought by AMD. ) solutions for the factory-floor environment. CTC sales for calendar 1997 reached $13.8 million. CTC's family of hardware work stations are marketed under their registered trade name of PowerStation(R). Its core MMI software product, Interact, offers superior functionality and networking capabilities with many other advantages, including portability across the entire PowerStation(R) line. CTC, with its fast-growing product lines, will become a division of Parker's Automation Group. Group President John K. Oelslager said, "The CTC acquisition will give Parker a man-machine interface line of both hardware and software products that will take us to the next level in the motion-control industry, and enable us to combine CTC products with our existing Compumotor, Daedal, Actuator A mechanism that causes a device to be turned on or off, adjusted or moved. The motor and mechanism that moves the head assembly on a disk drive or an arm of a robot is called an actuator. See access arm. and Pneumatic pneumatic /pneu·mat·ic/ (noo-mat´ik) 1. pertaining to air. 2. respiratory. pneu·mat·ic adj. 1. Of or relating to air or other gases. 2. products, providing a total Parker systems offering." Oelslager said that Albert E. Vierling, who founded and manages CTC, will continue to head the operation. CTC operates from a 30,000-square-foot facility in Milford and has 75 employees. Parker Hannifin Parker Hannifin Corporation (originally Parker Appliance Company) NYSE: PH, of Cleveland, Ohio, is a manufacturer of motion and control technologies. Founded in 1924, the company has been publicly traded on the NYSE since December 9, 1964. is a worldwide leader in the production of motion and control components for hundreds of industrial and aerospace markets, achieving sales of more than $4 billion in fiscal 1997. For more information about Parker, visit the company Web site at www.parker.com. For information about CTC, you may visit www.ctcusa.com. CONTACT: Parker Hannifin Corporation Media: R.G. Charlton, 216/896-2750 D.E. Logan, 216/896-2752 Financial Analysts: T.K. Pistell, 216/896-2130 |
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