Parker Hannifin acquires SSD Drives
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Parker Hannifin - Electromechanical and Drives Division product story
Edited by the Engineeringtalk editorial team
Dec 4, 2006
Parker Hannifin Corp has acquired SSD Drives (formerly Eurotherm Drives) from the private equity firm Compass Partners International for an undisclosed amount.
Parker Hannifin Corp has acquired SSD Drives (formerly Eurotherm Drives) from the private equity firm Compass Partners International for an undisclosed amount.
SSD Drives had fiscal 2005 annual revenues of US $165 million, with approximately 60% of its business in Europe.
The acquisition is expected to be accretive to earnings within the first full year of integration.
SSD Drives has four main manufacturing facilities, including one each in the UK, France, Germany and the USA, and a sales presence in more than 40 countries.
The company employs about 1000 people worldwide and manufactures AC and DC drives, as well as servo drives, motors, and systems for leading original equipment manufacturers, end users, and integrators in automated industrial process applications.
SSD Drives serves global target markets such as plastics, converting, packaging, extrusion, printing, pulp and paper, primary metals and general industrial automation.
It will become part of Parker's Automation Group, with results reported within the company's Industrial Segments.
The acquisition offers complementary technology, products, and customers, adding its leadership in industrial automation and drives technology to Parker's existing strong presence in the precision electromechanical market.
"This is a strategic acquisition for Parker".
"It not only significantly increases our automation product offering, but SSD Drives' well-established footprint in Europe and presence in China also gives us a very strong position in the global electromechanical and drives market", commented Parker Chairman and CEO Don Washkewicz.
Parker Automation Group President Roger Sherrard said: "We are all very excited about the expanded value proposition this combination brings to our customers".
"The talented SSD Drives team's successful track record with innovative motion technology fits very well into our solutions-oriented growth model".
"Their automation experience, combined with Parker's existing global industrial markets, will be very complementary to our strategy".
SSD Drives' CEO Dan Barnhouse commented: "The SSD Drives team is very excited about this opportunity".
"We believe that by joining the Parker family, we have discovered an organisation whose values are similar to our own".
"The combination of vision, talents and skills from our two leading companies will ensure that together we will have all the capabilities needed to compete successfully in serving a broad range of industrial customers around the world".
"This combination will create an exciting new force in global automation".
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