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Parker Hannifin acquires Abex NWL, international aerospace components manufacturer.

CLEVELAND--(BUSINESS WIRE)--April 15, 1996--Completing an acquisition announced in January, Parker Hannifin Corporation today purchased the aerospace assets of the Abex NWL Division of Pneumo Abex Corporation from Power Control Technologies Inc.

According to 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 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 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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Publication:Business Wire
Date:Apr 15, 1996
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