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Parker Hannifin Buys Indian Filtration Business

Tue, 07/10/2012 - 1:55pm
The Associated Press

CLEVELAND (AP) — Parker-Hannifin Corp. said Tuesday it has acquired the filtration business of John Fowler (India) Private Ltd.

Terms of the deal were not disclosed.

The Bangalore, India-based filtration business makes air, fuel and hydraulic filters. It has annual sales of about $4 million and employs 50 people.

Parker Hannifin, a Cleveland manufacturer of motion and control technologies and systems, said the deal allows it to expand in "a strategically important growth market" in India.

Shares added 63 cents, to $75.22 in midday trading. The stock has changed hands between $59.26 and $91.47 in the past 52 weeks.

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