Parker
Hannifin Corporation, the global leader in motion and control
technologies, today announced that it has acquired the hydraulics
manufacturing division of PIX Transmissions Ltd. based in Nagpur,
India. PIX is a leading manufacturer of a broad range of hydraulic and
industrial hose, hose assemblies and fittings primarily used in general
engineering, marine, agriculture, mining, construction and HVAC
markets. Terms of the transaction were not disclosed.
The acquired business has annual sales of approximately $13 million,
employs 470 people and includes a recently upgraded $25 million
state-of-the-art manufacturing plant in Nagpur. The division will be
integrated into Parker's Fluid Connectors Group and the sales will be
reported as part of the International Industrial Segment.
"The acquisition of the PIX hose and fittings business will allow us to
solidify our position in India which is a strategically important growth
market, while establishing an important base to support growth in the
region," said Bob Bond, President of Parker's Fluid Connectors Group.
"PIX offers us complementary product lines and manufacturing capacity to
accelerate growth and localize manufacturing for other products serving
customers in India."
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