Parker Acquires PGI International to Broaden Instrumentation Technologies

  Parker Acquires PGI International to Broaden Instrumentation Technologies

PR Newswire

CLEVELAND, Nov. 13, 2012

CLEVELAND, Nov. 13, 2012 /PRNewswire/ -- Parker Hannifin Corporation
(NYSE:PH), the global leader in motion and control technologies, today
announced that it has acquired PGI International, headquartered in Houston,
Texas. PGI is a market leading designer and manufacturer of specialized,
high-pressure flow control components and systems for oil & gas, agriculture,
and petro-chemical applications. Terms of the transaction were not disclosed.

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PGI International has sales of approximately $100 million and 550 employees,
and their products are used to enable safe and reliable connection, isolation,
measurement and control of high-pressure fluids. The acquired company will
become a part of Parker's Instrumentation Group and approximately 80 percent
of revenues will be reported in the North American Industrial segment and the
remaining 20 percent of revenues will be reported in the International
Industrial segment.

"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. "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."

With annual sales exceeding $13 billion in fiscal year 2012, Parker Hannifin
is the world's leading diversified manufacturer of motion and control
technologies and systems, providing precision-engineered solutions for a wide
variety of mobile, industrial and aerospace markets. The company employs
approximately 60,000 people in 48 countries around the world. Parker has
increased its annual dividends paid to shareholders for 56 consecutive fiscal
years, among the top five longest-running dividend-increase records in the S&P
500 index. For more information, visit the company's web site at or its investor information web site at

Forward-Looking Statements

Forward-looking statements contained in this and other written and oral
reports are made based on known events and circumstances at the time of
release, and as such, are subject in the future to unforeseen uncertainties
and risks. All statements regarding future performance, earnings projections,
events or developments are forward-looking statements. It is possible that the
future performance and earnings projections of the company, including its
individual segments, may differ materially from current expectations,
depending on economic conditions within its mobile, industrial and aerospace
markets, and the company's ability to maintain and achieve anticipated
benefits associated with announced realignment activities, strategic
initiatives to improve operating margins, actions taken to combat the effects
of the current economic environment, and growth, innovation and global
diversification initiatives. A change in economic conditions in individual
markets may have a particularly volatile effect on segment performance. Among
other factors which may affect future performance are: changes in business
relationships with and purchases by or from major customers, suppliers or
distributors, including delays or cancellations in shipments, disputes
regarding contract terms or significant changes in financial condition,
changes in contract cost and revenue estimates for new development programs
and changes in product mix; uncertainties surrounding timing, successful
completion or integration of acquisitions; ability to realize anticipated
costs savings from business realignment activities; threats associated with
and efforts to combat terrorism; uncertainties surrounding the ultimate
resolution of outstanding legal proceedings, including the outcome of any
appeals; competitive market conditions and resulting effects on sales and
pricing; increases in raw material costs that cannot be recovered in product
pricing; the company's ability to manage costs related to insurance and
employee retirement and health care benefits; and global economic factors,
including manufacturing activity, air travel trends, currency exchange rates,
difficulties entering new markets and general economic conditions such as
inflation, deflation, interest rates and credit availability. The company
makes these statements as of the date of this disclosure, and undertakes no
obligation to update them unless otherwise required by law.

SOURCE Parker Hannifin Corporation

Contact: Media: Aidan Gormley, Director, Corporate Communications,
+1-216-896-3258, or Financial Analysts: Pamela
Huggins, Vice President & Treasurer, +1-216-896-2240,
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