Parker Hannifin Acquires Sea Recovery

press release
Thursday, October 18, 2012

Parker Agrees to Acquire Sea Recovery from Danfoss A/S to Strengthen Its Position in Seawater Desalination for Marine Applications.

 

Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has signed an agreement to acquire Sea Recovery, headquartered in Compton, CA from Danfoss A/S.  Parker will assume ownership of the acquired business on November 1 st, 2012.  Sea Recovery is a manufacturer of small to high capacity reverse osmosis systems for sea water desalination used primarily in commercial and pleasure marine applications. Terms of the transaction were not disclosed.

 

Sea Recovery had sales of approximately $26 million for the last twelve months ending August 31 st and 70 employees, and has been engineering and manufacturing sea water reverse osmosis systems since 1981.  The acquired company will become a part of Parker's Filtration Group and approximately 47 percent of revenues will be reported in the North American Industrial segment and the remaining 53 percent of revenues will be reported in the International Industrial segment.

 

"This acquisition supports our water purification growth strategy and further strengthens Parker's global leadership position in creating fresh water for commercial marine and large yacht markets," said Peter Popoff, President – Filtration Group.  "Sea Recovery product lines help Parker expand its offering across geographic and end market applications.  Their dedicated global sales and service organization is a strategic fit with our existing world class distribution network and will enable Parker to provide customers with the most advanced seawater desalination systems anywhere in the world."

 

Nis Storgaard, Danfoss Chief Development Officer added, "We are happy that we have found a new owner that is ready to support Sea Recovery and its employees to further develop and grow the business."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Northern Lights Opens Branch Office in Louisiana

Marine power generation and climate control products manufacturer Northern Lights has opened its fifth branch office, in Kenner, La, to enhance service to Gulf

Sevan Marine Divests Stake in KANFA Aragon

Sevan Marine ASA said it has disposed 50 percent of its stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million, representing

EU to Accept Antitrust Offer from Maersk, MSC, 13 Others

World No.1 container liner Maersk, Swiss peer MSC and 13 other shipping firms are set to escape possible penalties as EU antitrust regulators plan to accept their offer to end a five-year probe,

Contracts

Wärtsilä, Zamakona Yards Join forces in Canary Island

Wärtsilä is enhancing its service offering by participating in a new maintenance hub in the Canary Islands. The facility, operated by one of Spain's biggest shipbuilding and ship repair groups,

Diana Shipping Enters Contract with SwissMarine

Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Ice Class Panamax dry bulk vessels,

UAE Top Court: Physical Bunkers Suppliers Have No Right to Recourse against Owners/Charterers

The OW saga - UAE Federal Supreme Court decides that physical suppliers of bunkers have no right to recourse against Owners/Charterers. In the first decision

Finance

Baltic Index Rises for Fifth Consecutive Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday for a fifth straight session on stronger demand across all vessel segments.

Singapore Exchange, Baltic Exchange Continue Transaction Talks

Singapore Exchange (SGX) has agreed with the Baltic Exchange Limited (Baltic Exchange) to extend the period of exclusive discussions regarding a cash offer for

Hanjin to Return 38 Vessels Next Year

Hanjin Shipping is planning to return a total of 38 chartered vessels once their contracts end as part of its restructuring efforts, reports the Korea Herald. A

Marine Equipment

Groningen Seaports First in Line for Damen InvaSave

The first production version of Damen’s InvaSave ballast water treatment system – intended for use at Groningen Seaports – will be on display at the upcoming ‘DelfSail’

Northern Lights Opens Branch Office in Louisiana

Marine power generation and climate control products manufacturer Northern Lights has opened its fifth branch office, in Kenner, La, to enhance service to Gulf

First MAN D2676 Workboat Engine Ready for Launch

Last December, MAN Engines introduced its latest generation in-line six-cylinder engines for workboats. Now the first MAN D2676 LE443 engine off the production

Mergers & Acquisitions

Sevan Marine Divests Stake in KANFA Aragon

Sevan Marine ASA said it has disposed 50 percent of its stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million, representing

EU to Accept Antitrust Offer from Maersk, MSC, 13 Others

World No.1 container liner Maersk, Swiss peer MSC and 13 other shipping firms are set to escape possible penalties as EU antitrust regulators plan to accept their offer to end a five-year probe,

Hapag-Lloyd Agrees on Merger Terms with UASC

German container shipping line Hapag Lloyd AG on Tuesday said it has reached an agreement on terms and conditions of a business combination agreement with Arab

 
 
Maritime Careers / Shipboard Positions Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0997 sec (10 req/sec)