WASHINGTON, Mo. - Parker Hannifin Corp. and Sporlan Valve Co. jointly announced Parker has completed its acquisition of Sporlan. The deal is expected to be accretive to earnings in the first full fiscal year.

Sporlan operates seven manufacturing facilities and employs about 1,000 people. Annual revenues are approximately $150 million. Recognizing Sporlan's prominent position in the industry, Parker said it would make Sporlan a new division within Parker's Climate and Industrial Controls Group.

"Parker's goal is to be number one or two in every market we serve," said Parker CEO Don Washkewicz. "Refrigeration is one of the high-potential growth markets we've focused on for expansion, and the addition of Sporlan greatly enhances our leadership in refrigeration and air conditioning worldwide."

Lynn Cortright, president of Parker's Climate and Industrial Controls Group, said, "Sporlan is a very successful company we've admired for a long time. Together, our two companies will have the most complete offering of valves and controls for the widest range of applications in the refrigeration and air conditioning markets today. From supermarket refrigeration to ice machines to residential and commercial air conditioning, Parker and Sporlan will have the ability to deliver total systems to our customers."

"We've respected Parker for many years," said Ken Ohlemeyer, president, Sporlan Valve Co. "When it became clear that Sporlan was ready to enter a new level of growth, Parker quickly emerged as the best partner. Parker's global infrastructure presents a great opportunity to expand the reach of Sporlan's products all over the world. I'm confident that joining Parker will offer our customers significant advantages."

Look for more coverage of Parker's acquisition of Sporlan in future issues of The News.

Publication date: 10/25/2004