Parker Hannifin Corp. has acquired Snap-tite Inc., 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 acquired company will be integrated into Parker's Instrumentation and Fluid Connector Groups, both of which are included in the Industrial Segment.
“This acquisition will allow us to extend our leadership position in fluid power and process control markets,” says John Greco, President of Parker's Instrumentation Group. “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. The acquired product lines also help Parker fill some important niche product gaps within our fluid power markets.”
Parker Expands Presence in Fluid Power and Process Control Markets
April 25, 2012