Parker Hannifin Corporation has become the majority shareholder in Taiyo Ltd., an Osaka, Japan-based manufacturer of hydraulic and pneumatic technologies.
Parker increased its equity stake in Taiyo to approximately 60% by purchasing all Taiyo voting stock previously held by Kyoei Steel Ltd. Terms of the deal were not disclosed.
Taiyo posted revenues of approximately $208 million for its fiscal year ended March 2006. The company develops and manufactures a broad range of automation products, including hydraulic and pneumatic actuators, cylinders and specialized pneumatic products. The companies have collaborated since the March 2002 establishment of a Parker-Taiyo business alliance.
Parker Hannifin is a manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of commercial, mobile, industrial and aerospace markets.