Parker Hannifin Buys Helac
By pdamon01 February 2017
Parker Hannifin Corp., a global manufacturer of motion and control technologies, announced that it has acquired Helac Corp., Enumclaw, Wash., a specialist in the design and manufacture of helical rotary actuators and attachments. No financial terms were disclosed.
“Helac is a pioneer in the development of helical rotary actuators and represents a strategic addition to our world-leading hydraulics product portfolio offering customers solutions in a wide variety of markets,” said Andy Weeks, president of the Parker Hydraulics Group. “We are excited about the opportunities to strengthen Parker’s position in key growth markets and expand the reach of Helac products through Parker’s global sales channels.”
Helac had revenues of approximately $75 million with 300 employees in its fiscal year ending June 30, 2016. The acquired company will become a business unit of Parker’s Cylinder Division within the Hydraulics Group with sales reported in Parker’s Diversified Industrial segment.
“As we looked at options for future growth we sought a partner that shares our deep commitment to innovation, serving our customers’ needs and delivering high quality products and services,” said Dean Weyer, CEO Helac Corp. “Parker Hannifin has all of those qualities along with an entrepreneurial culture and decentralized operating model that will allow Helac employees to thrive and grow. We are excited for the future of our business working in concert with such a well-respected global leader in hydraulics.”