Parker Hannifin Corporation, the global leader in motion and control technologies, announced that it has acquired SSD Korea Co, Ltd. of Seoul, Korea. SSD Korea is focused on sales, distribution, system integration and application support for electromechanical drives and motors that are used in a broad range of industrial and entertainment market applications. Terms of the transaction were not disclosed.
SSD Korea reported sales of approximately $16 million for the company’s year ended 2010. The acquired company will become a business unit of the Parker Korea Sales Company within the Asia Pacific Group and results will be reported within Parker’s Industrial International reporting segment.
“Parker sees significant opportunities for growth in the Asia Pacific region and the acquisition of SSD Korea will help extend our channel and technical capabilities in local markets here,” said Michael Chung, President of Parker’s Asia Pacific Group. “SSD Korea brings us local market expertise and systems design, fabrication and service competencies that will allow our Automation Group to grow its presence in Korea. We see opportunities to leverage these capabilities by adding to the product offering, expanding into other countries in the region and supporting regional growth strategies for hybrid electric applications.”
With annual sales of $10 billion in fiscal year 2010, 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 55,000 people in 46 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.