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In 1957, the company purchased Hannifin, a producer of valve and cylinder products, and changed its name to Parker Hannifin. [10] Many more acquisitions followed, with the company reaching 40 acquisitions by the year 1979. [11] In 1953, Arthur Parker's son Patrick S. Parker began working full-time at the company. [12]
In December 2016, Parker Hannifin entered into a definitive agreement to acquire CLARCOR for approximately $4.3 billion in cash. [11] The acquisition was completed on February 28, 2017. [ 12 ]
On April 29, 2019 it was announced that LORD Corporation would be acquired by Parker Hannifin for $3.675 billion. [15] The sale was approved by the boards of each respective company and closed on October 30, 2019.
Parker-Hannifin (PH) is likely to benefit from strength across its end markets and acquired assets. The coronavirus outbreak-led market downturn and high debt level pose concerns.
Parker Meggitt (legally Meggitt Ltd) is a British international company specialising in components and sub-systems for the aerospace, defence and selected energy markets. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index until it was acquired by Parker Hannifin in September 2022.
Parker-Hannifin's (PH) acquisition of Meggitt expands its presence in the UK, positioning it well to provide a broader suite of solutions for aircraft, and aeroengine components and systems.
The pneumatic division Hoerbiger-Origa was sold to the American Parker-Hannifin in October 2008. [4] In 2009, Hoerbiger bought Altronic, Inc. in Girard, Ohio, US. The Engine business unit continues to operate Altronic as a sub-brand. [5] The pneumatic seat comfort systems business was sold to France's Faurecia in October 2010. [6]
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