Parker acquires Indian hydraulics business

  • 31-Jul-2012 03:44 EDT

 

Parker Hannifin Corp. announced in mid-July that it had acquired the hydraulics manufacturing division of PIX Transmissions Ltd. based in Nagpur, India. PIX manufactures a 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 manufacturing plant in Nagpur. The division will be integrated into Parker's Fluid Connectors Group, and 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.

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