Parker Acquires Aqua Pro
Parker Hannifin Corporation(NYSE: PH), provider of motion and control technology, announced that it has acquired Aqua Pro, Inc. a manufacturer of reverse osmosis("RO") filtration systems for military, commercial and pleasure marine applications.
Aqua Pro sales for fiscal 2008 were $33m. The acquisition is expected to be accretive to earnings within its first year following acquisition and its results will be reported as a component of Parker's Industrial North America segment. Terms of the acquisition were not disclosed.
With manufacturing centers in Gardena and San Fernando, California, Aqua Pro does business as Village Marine Tec and Offshore Marine Laboratories. Sales and service locations are located in California, Florida, Hawaii, Virginia, and Washington. The company sells to Original Equipment Manufacturers including boat and ship builders, independent distributors, U.S. military branches and end users. Aqua Pro's product line includes RO systems for military on-board submarines, and land applications as well as offshore oil rigs, work boats, fishing vessels, and pleasure boats.
With annual sales exceeding $12b, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 62,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 52 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index.