24.10.2005

Parker Hannifin buys Sterling Hydraulics

Parker Hannifin, has announced that it has acquired UK based Sterling Hydraulics, in an undisclosed cash transaction, from Sterling Industries, a wholly-owned subsidiary of Caledonia Investments.

Sterling is a leading supplier of valves and hydraulic components to the crane and access markets. The company had revenues of around £24 million in its fiscal year ended March 31, 2005.

"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 the UK and the USA (Chicago), employing nearly 300 people. Since the 1960s, Sterling has been a recognised leader in the design of custom hydraulic screw-in cartridge valves and manifold systems.
With annual sales exceeding $8 billion, Parker Hannifin employs more than 50,000 people in 48 countries.