CLEVELAND (AP) â¿¿ Parker Hannifin Corp., which makes motion and control technologies and systems, said Wednesday that it bought the hydraulics manufacturing division of India's PIX Transmissions Ltd.
The Cleveland-based company said the acquisition will solidify its position in the growing Indian market.
Financial terms were not disclosed.
PIX makes a wide range of hydraulic and industrial hose, hose assemblies and fittings mainly used in general engineering, marine, agriculture, mining, construction and heating and air conditioning markets, Parker said.The business' annual sales total about $13 million, it employs 470 people and the deal includes a $25 million manufacturing facility in Nagpur, India, Parker said. Parker shares fell 34 cents to $72.27 in midday trading. They have fallen 21 percent since reaching a 52-week high of $91.47 in late February.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts