Parker Hannifin acquires Abex NWL, international aerospace components manufacturer.CLEVELAND--(BUSINESS WIRE)--April 15, 1996--Completing an acquisition announced in January, 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. Corporation today purchased the aerospace assets of the Abex NWL NWL Newell Rubbermaid, Inc. (stock symbol)NWL Northwest League (Boise, Idaho; baseball) NWL Northwoods League NWL North West London NWL Neverending White Lights (band) Division of Pneumo Abex Corporation from Power Control Technologies Inc. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Parker Bertea Aerospace Group President Stephen L. Hayes, "The $201 million Abex acquisition gives Parker the industry's most complete hydraulic line, including new market segments in engine-driven pumps, thrust-reverser actuator systems, and electrohydraulic e·lec·tro·hy·drau·lic adj. Of, relating to, or involving a combination of electric and hydraulic mechanisms. e·lec servovalves, and will enable us to meet the increasing desires of our key customers to work with a limited number of suppliers who provide a broad range of products." Abex recorded sales of approximately $200 million in calendar year 1995. With 1,290 employees worldwide, Abex has headquarters and manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in Kalamazoo, Mich.; and plants in Dublin, Ga.; Beaufort, S.C.; Mainz-Kastel, Germany; and Yokohama, Japan. Parker Hannifin is a $3.21 billion worldwide producer of motion-control components and systems for a wide range of industrial, automotive and aerospace markets. CONTACT: Parker Hannifin Corp., Cleveland Media - R.G. Charlton, 216/531-3000 xt. 2750 D.E. Logan, 216/531-3000 xt. 2752 Analysts - T.K. Pistell, 216/531-3000 xt. 2130 |
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