US-based Parker Hannifin Corporation has successfully completed its previously announced agreement to acquire the Olaer Group, headquartered in Deeside, UK.
The Olaer Group is a leading manufacturer of advanced hydraulic accumulator and cooling technologies for energy, mobile and industrial markets. The company has sales of approximately €150 million and 550 employees.
Parker, which manufactures motion and control technologies and systems, said that with manufacturing and sales in 14 countries in North America, Asia and Europe, Olaer will expand its presence in geographic growth areas.
Jeff Cullman, president of Parker's Hydraulics Group, commented: "With the completion of this acquisition, we are pleased to officially welcome the employees of the Olaer Group to Parker Hannifin.
"We are excited about the opportunities for us to grow our business by providing customers with an expanded set of products and solutions and by extending the reach of the Olaer Group offering through Parker's extensive distribution, OEM and international sales company channels. A detailed integration plan is being initiated to allow for a smooth transition of Olaer into the Parker organization."
Parker employs approximately 58,000 people in 47 countries around the world.
