Parker Hannifin Corporation (www.parker.com), a provider of motion and control technologies, acquired Nexgen Hose Inc. (www.nexgenhose.com), a manufacturer of industrial PVC hose and tubing for niche and industry standard applications. Nexgen’s core applications are medical, agriculture, mining, diving, potable water/beverage and fire suppression. Terms of the agreement were not disclosed.
In 2007, Nexgen recorded revenues of $7.2 million and employed approximately 40 employees. The acquisition is expected to be accretive to Parker”s earnings in the first full year following the closing of the transaction. Nexgen sales will be recorded within the Industrial North America segment of Parker”s Fluid Connectors Group.
“Nexgen strengthens Parker”s position in the North American industrial hose market, broadening our total product offering with the addition of PVC hose and tubing,” said Bob Bond, President of Parker”s Fluid Connectors Group, in a prepared statement. “Nexgen”s strong brand recognition and innovative products complement our ability to provide customers with the industry”s broadest range of fluid handling hose and tubing. We are very excited to have Nexgen join Parker.”
Parker Hannifin’s latest annual sales figures exceeded $12 billion. The company employs approximately 62,000 people in 48 countries around the world. Parker has increased its annual dividends paid to shareholders for 52 consecutive years.