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Parker Extends Precise Medical Seal Capability; Acquires Hi-Tech Group Companies
Date:4/4/2008

CLEVELAND, April 4, 2008 /PRNewswire-FirstCall/ -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that it has acquired all of the issued and outstanding shares of the capital stock of HTR Holding Corp. and its subsidiaries, including Hi- Tech Rubber, Inc., Inland Technologies, Inc., Ventrex, Inc. and Accusil, Inc. The acquired companies operate under their own names and under the trade names Hi-Tech Group, A.C. Hoffman Engineering and Infinity Plastics. Terms of the deal were not disclosed. HTR Holding Corp. sales for its fiscal year ended December 31, 2007, on a consolidated basis, were approximately $93 million. The acquisition is expected to be accretive to earnings within its first full year of operations and its sales will be reported as part of Parker's Industrial North America segment.

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The Hi-Tech Group companies provide precision plastic and elastomeric components for medical devices such as intravenous equipment, drug infusion pumps, masks, septums, respirator hoses, catheters and diaphragms sold directly to original equipment manufacturers. Hi-Tech also produces components for various pump valves, liquid control valves and other non- medical devices.

The acquired business will be integrated as a new division, called the Medical Systems Division, within Parker's Seal Group. "The Hi-Tech Group companies will give us greater access to the medical device market space," said Heinz Droxner, President of Parker's Seal Group. "Parker has been a major supplier of seals for high tech applications in several strategic ma
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SOURCE Parker Hannifin Corporation
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