Parker Acquires Sterling Hydraulics
Posted on October 14, 2005
Parker Hannifin announced that it has acquired Sterling Hydraulics for an undisclosed amount from Sterling Industries, Plc, a wholly owned subsidiary of Caledonia Investments Plc.
Headquartered in Crewkerne, England, Sterling designs and manufactures custom hydraulic screw-in cartridge valves and manifold systems for mobile applications. The company produced revenue of approximately $42 million in its fiscal year which ended March 31, 2005. The acquisition is expected to be accretive in its first full year of integration.
“We look forward to working with Sterling and growing our product offering together,” said Lee Banks, president of Parker's Hydraulics Group. “We have a number of customers in common in the mobile hydraulics marketplace who will welcome this extension of our product line, as well as the greater market presence in Europe and Asia.”
Sterling Hydraulics operates facilities in England and Chicago, Ill., employing nearly 300 people.