Parker Expands Filtration Group with Acquisition of Velcon Filters
Parker Hannifin Corporation, a maker of motion and control technologies, has acquired PGI International, a designer and manufacturer of high-pressure flow control components and systems for oil & gas, agriculture, and petrochemical applications. Terms of the transaction were not disclosed.
PGI International, headquartered in Houston, Texas, has sales of approximately $100 million and 550 employees. The acquired company will become a part of Parker’s Instrumentation Group.
“This acquisition will strengthen Parker’s position in the Oil and Gas and General Instrumentation markets,” said John Greco, vice president and president—Instrumentation Group, in an official announcement. “The addition of PGI provides product and manufacturing technologies and expanded systems capabilities along with a solid name in the industry. We are excited about the opportunities to combine our organizations to allow us to extend more solutions to our customers.”
Parker Hannifin provides solutions for mobile, industrial and aerospace markets with annual sales exceeding $13 billion in fiscal year 2012. The company employs approximately 60,000 people in 48 countries around the world.