“This is a complementary acquisition and helps Parker globalize its industrial refrigeration business, with Herl adding its solid position in Europe to Parker's leading position in North America,” said Lynn Cortright, president of Parker's Climate & Industrial Controls Group.
With one location in Cologne, Germany, Herl has annual revenues of approximately $15 million. The company was established in 1932 and today sells its products to customers in nearly 60 countries. In addition to its strong product portfolio, Herl brings Parker new technology in the emerging area of environmentally optimal or “green” refrigerants.
The Herl valves will now be marketed as a Herl brand name by Parker Hannifin's Refrigerating Specialties Div., in the U.S. from the division's headquarters in Broadview, Ill. In Europe, Parker Hannifin GmbH & Co. KG will market the combined product line through its Herl Refrigerating Specialties operation. Virgil T. Gulley, currently marketing manager for Parker's Refrigerating Specialties Div., has been tapped to manage the Koln, Germany, operation.
The “nice marriage” between the two companies will especially benefit the European market, said Paul G. Bishop, general manager of Parker Hanifin's Refrigerating Specialties Div., and will provide European processors with a single supplier offering a complete line of refrigeration valves in Europe.
For more information, visit www.parker.com/refspec or www.herl.de.