CLEVELAND (Feb. 1, 2012) – Parker Hannifin Corporation, a motion and control technologies company, announced that it has acquired the railroad filtration business of the Camfil Farr Group. The railroad filtration business of the Camfil Farr Group is a manufacturer of air and liquid filtration products used in rail and transit, mining and marine engine applications. Terms of the transaction were not disclosed.
Headquartered in Laval, Canada, the railroad filtration business of the Camfil Farr Group had sales of approximately $22 million in 2011. With approximately 90 employees and operations and sales in Canada, Mexico and India and a sales presence in the United States and Australia, approximately 75 percent of the ongoing revenues of the business will be reported in Parker's Industrial North America reporting segment with the remaining 25 percent reported in the Industrial International segment. The acquired business will become a part of Parker’s Filtration Group.
“Parker sees significant opportunities to broaden our large engine and air filtration product lines and leverage products in other large combustion engine applications,” said Peter Popoff, President – Filtration Group. “The railroad business of Camfil Farr brings expertise and services that allow Parker’s Filtration Group to build a worldwide presence in specialized rail, marine and mining markets, while adding clean air technologies to strengthen our filtration solutions capabilities. Additionally, this transaction will give Parker Filtration manufacturing capacity in Canada and Mexico to better service customers in those markets.”
With annual sales exceeding $12 billion in fiscal year 2011, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 58,000 people in 47 countries around the world. Parker has increased its annual dividends paid to shareholders for 55 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index.