The signs bode well for industrial manufacturers and Parker Hannifin,   (PH) - Get Report a maker of motion and control systems used by the aerospace industry and other sectors, is among the companies most likely to benefit from the improving conditions, said Jim Cramer, manager of the Action Alerts PLUS portfolio on CNBC's "Stop Trading" segment.

Cramer called the Mayfield Heights, Ohio-based company among "the most synergistic with industrial production going higher."

Goldman Sachs initiated its coverage of Parker Hannifin today at a buy. Goldman called the company "one of the best ways to own improving IP."

To be sure, Cramer noted that "this is a trade that a lot of hedge funds are going to be making."

But he called Parker Hannifin's $4.3 billion acquisition of Clarcor last December "brilliant." Clarcor is a manufacturer of filtration systems and packaging materials. 

Cramer also said that Parker Hannifin wants to be considered among the classic industrial companies, "betting on returns, perhaps repatriation and lower taxes." 

Cramer said that one of his big themes this spring was the "rerating of industrials." He said companies in the sector would see "better-than-expected numbers." He added: "There is going to be a surge of industrial production, and you have to find the names to play it. 

Image placeholder title

Watch the latest from Jim Cramer:

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.