Parker Hannifin has acquired Snap-tite Inc. of Erie, Pa., a manufacturer of high-pressure fluid power components for oil and gas, industrial, and research markets. Terms of the transaction were not disclosed.
Snap-tite has annual sales of approximately $100 million and employs 500 people. The company has operations in Erie and Union City, Pa.; Houston; and Wexford, Ireland. The acquired company will be integrated into Parker”s Instrumentation and Fluid Connector Groups, both of which are included in the Industrial Segment. Approximately 64 percent of the sales will be reported as North America Industrial and 36 percent reported as International.
John Greco, president of Parker”s Instrumentation Group, said the acquisition will allow Parker to strategically extend its position in fluid power and process control markets, noting Snap-tite’s reputation particularly in the oil and gas and industrial fluid power markets. “By acquiring Snap-tite we have expanded our offering into high-pressure applications allowing us now to offer customers a broad suite of solutions across the spectrum of vacuum and pressure connections,” Graco said, in a prepared statement. He said the acquired product lines will also help Parker fill some niche product gaps within its existing fluid power markets.
Parker Hannifin is a diversified manufacturer of motion and control technologies and systems, with annual sales exceeding $12 billion in fiscal year 2011. The company employs approximately 58,000 people in 47 countries around the world.