Parker Hannifin, a manufacturer of motion and control technologies, announced Thursday the acquisition of Power Components of Midwest Inc., a manufacturer of sensors and switches for OEMs in the agricultural, off-road vehicle, heavy truck and general industrial markets.
Revenues of Power Components were approximately $19 million for the year ended December 2005. Earnings are expected to be accretive to Parker in the first full year. Terms of the deal were not disclosed.
Power Components, located in Mishawaka, Ind., has 191 employees in two facilities, and will be integrated into Parker's global Hydraulics Group.
"One of the many strengths Power Components brings to Parker is new intellectual property that will aid our ongoing development of intelligent hydraulics," said Lee Banks, President of Parker Hydraulics.
Parker has annual sales exceeding $9 billion.