Parker Extends Precise Medical Seal Capability; Acquires Hi-Tech Group Companies
(Logo: http://www.newscom.com/cgi-bin/prnh/19990816/PHLOGO )
The Hi-Tech Group companies provide precision plastic and elastomericcomponents for medical devices such as intravenous equipment, drug infusionpumps, masks, septums, respirator hoses, catheters and diaphragms solddirectly to original equipment manufacturers. Hi-Tech also producescomponents for various pump valves, liquid control valves and other non-medical devices.
The acquired business will be integrated as a new division, called theMedical Systems Division, within Parker's Seal Group. "The Hi-Tech Groupcompanies will give us greater access to the medical device market space,"said Heinz Droxner, President of Parker's Seal Group. "Parker has been amajor supplier of seals for high tech applications in several strategic marketsegments for many years. These include the electronics, semiconductor,aerospace and life sciences market segments. With our capabilities toengineer innovative, high quality seals in high volume, our combined companieswill have increased opportunities to provide value in the life sciencesmarket. We will be in a position to improve the productivity andprofitability of our customers."
With annual sales exceeding $10 billion, Parker Hannifin is the world'sleading diversified manufacturer of motion and control technologies andsystems, providing precision-engineered solutions for a wide variety ofcommercial, mobile, industrial and aerospace markets. The company employs morethan 57,000 people in 43 countries around the world. Parker has increased itsannual dividends paid to shareholders for 51 consecutive years, among the topfive longest-running dividend-increase records in the S&P 500 index. For moreinformation, visit the company's web site at http://www.parker.com , or itsinvestor information site at http://www.phstock.com .
Forward-looking statements contained in this and other written and oralreports are made based on known events and circumstances at the time ofrelease, and as such, are subject in the future to unforeseen uncertaintiesand risks. All statements regarding future performance, earnings projections,events or developments are forward-looking statements. It is possible that thefuture performance and earnings projections of the company and individualsegments may differ materially from current expectations, depending oneconomic conditions within both its industrial and aerospace markets, and thecompany's ability to maintain and achieve anticipated benefits associated withannounced realignment activities, strategic initiatives to improve operatingmargins, and growth, innovation and global diversification initiatives. Achange in economic conditions in individual markets may have a particularlyvolatile effect on segment results. Among the other factors which may affectfuture performance are: changes in business relationships with and purchasesby or from major customers or suppliers, including delays or cancellations inshipments or significant changes in financia
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