Parker Hannifin Acquires Titan Industries

Parker Hannifin Corporation (NYSE: PH) announced on June 3 2008 that it had acquired industrial hose manufacturer Titan Industries now known as Parker Titan.

Headquartered in South Gate California Parker Titan manufactures custom and composite hoses for the dredging industry and other industrial applications. The company has another manufacturing facility in Salisbury North Carolina and sales offices in Houston Texas and Arvada Colorado.

Titan is now a member of Parker’s Industrial Hose Products Division in the company’s international Fluid Connectors Group.

Donna Kansteiner remains on board in her Arvada Colorado office as a designer and cost estimator for custom dredge hose which continues to be a major part of the Parker Titan’s business. She quotes on hoses and sleeves for suction and discharge applications which the company builds in four to 18-inch diameter of 3/8 and 1/2-inch natural rubber with SBR covering.

The dredge hose manufacturing equipment from the Commerce City Colorado facility was shipped to the South Gate and Salisbury locations.

In 2007 Titan achieved sales of $28 million. The company employs 150 people.

A Parker Hannifin representative stated that the acquisition of Titan has strengthened Parker’s position in the industrial hose market by expanding the product line and bringing the marine aircraft food and dock side refueling markets into its customer base. The acquisition is expected to be accretive to earnings within its first year of operation. Titan’s results will be reported within the Industrial North America segment. Terms of the deal were not disclosed.