Parker buys remaining stake in Mexican seals maker

Industrial Distribution staff -- Industrial Distribution, 5/13/2008 7:36:00 AM

Parker Hannifin Corp. acquired the remaining 51 percent stake in its joint venture, Parker Seal de Mexico, for an undisclosed amount.

The deal, which closed April 30, increases the Cleveland-based motion control products manufacturer’s footprint in the Mexican seals market.

Parker Seal de Mexico, which has annual sales of about $8.3 million, will be integrated into Parker’s seal group.

“We were very fortunate to have had an excellent partner in Mexico for 42 years. Now, as the sole owner of this operation, Parker can sell any of its thousands of seal products into the Mexican market,” seal group president Heinz Droxner said. “This is part of our long-term strategy to serve customers with operations in Mexico and positions Parker to meet all of their sealing requirements in-country.”

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