Parker extends precise medical seal capability with the acquisition of
Hi-Tech Group that provides precision plastics and elastomeric components
for medical devices.
Parker Hannifin Corporation, the global leader in motion and control
technologies, announces that it has acquired all of the issued and outstanding
shares of the capital stock of HTR Holding Corp. and its subsidiaries,
including Hi- Tech Rubber, Inc., Inland Technologies, Inc., Ventrex, Inc.
and Accusil, Inc.
The acquired companies operate under their own names and under the trade
names Hi-Tech Group, A.C. Hoffman Engineering and Infinity Plastics. Terms
of the deal were not disclosed. HTR Holding Corp. sales for its fiscal
year ended December 31, 2007, on a consolidated basis, were approximately
$93 million.
The acquisition is expected to be accretive to earnings within its first
full year of operations and its sales will be reported as part of Parker's
Industrial North America segment.
The Hi-Tech Group companies provide precision plastics and elastomeric
components for medical devices such as intravenous equipment, drug infusion
pumps, masks, septums, respirator hoses, catheters and diaphragms sold
directly to original equipment manufacturers. Hi-Tech also produces components
for various pump valves, liquid control valves and other non- medical
devices.
The acquired business will be integrated as a new division, called the
Medical Systems Division, within Parker's Seal Group. "The Hi-Tech
Group companies will give us greater access to the medical device market
space," said Heinz Droxner, President of Parker's Seal Group. "Parker
has been a major supplier of seals for high tech applications in several
strategic market segments for many years. These include the electronics,
semiconductor, aerospace and life sciences market segments. With our capabilities
to engineer innovative, high quality seals in high volume, our combined
companies will have increased opportunities to provide value in the life
sciences market. We will be in a position to improve the productivity
and profitability of our customers."
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