Parker Hannifin to buy Sea Recovery, no terms
CLEVELAND (AP) — Parker Hannifin Corp., which makes industrial hoses, airplane wheels and other products, said Wednesday that it has agreed to buy Sea Recovery from Denmark's Danfoss A/S.
Financial terms were not disclosed. Cleveland-based Parker Hannifin will assume ownership of the business on Nov. 1.
Compton, Calif.-based Sea Recovery, which will become a part of Parker's filtration group, makes reverse osmosis systems that turn sea water into fresh water for both commercial and pleasure marine uses.
The company's sales for the 12 months ended Aug. 31 totaled about $26 million and it has 70 employees.
Parker Hannifin shares rose $1.85, or 2.3 percent, to $83.82 in afternoon trading Wednesday. Its shares are up 19 percent from a 52-week low of $70.42 in mid-July.