Parker Acquisition of Vansco Electronics
Parker Hannifin has acquired Vansco Electronics, a major developer of rugged electronic controls, displays, terminals, sensors, and communication and operator interfaces for heavy equipment
By: 4 C M
Parker Hannifin, the leading global manufacturer of motion and control technologies, has acquired Vansco Electronics, a major developer of rugged electronic controls, displays, terminals, sensors, and communication and operator interfaces for heavy equipment. The acquisition forms an important part of Parker’s long term strategy to improve the integration between different motion and control technologies, in particular between hydraulics and electronics in the mobile sector, where Vansco offers solutions for a wide range of applications.
Vansco has been designing and manufacturing rugged and sophisticated electronic, electro-mechanical and electro-hydraulic products for over 25 years. The company has facilities in Canada, the United States, Finland, Belgium and the UK, employs over 1,000 people and, in the fiscal year ending August 31 2007, achieved sales of approximately $180 million. Many of the company’s products are used by OEMs in agricultural, construction, materials handling, bus, RV and specialty truck equipment.
Vansco will become a part of the global operations of Parker's hydraulic technology business. It will complement a broad line of hydraulic components and systems including pumps, motors, valves, cylinders, hydraulic drives, energy recovery systems, and vehicle cooling and engine management systems.
Jeff Cullman, Parker’s Group President for Hydraulics commented, "We are excited to be able to welcome Vansco to the Parker organisation and to strengthen still further the solutions that we offer our customers. In particular, Vansco’s range of controls
complement our existing IQAN controllers and sensors, allowing us to offer customers integrated motion control systems for mobile equipment, backed by Parker’s extensive global support and technical expertise. Additionally, Parker and Vansco share a common customer base, with the combined strength of the two companies enhancing our ability to engineer dedicated solutions that help to improve the productivity and profitability of our customers' products."
"We have been aware of Parker as the motion and control leader for quite some time," said Dr. Niels Erik Hansen, CEO of Vansco. "We are pleased that Parker, an established leader in many of Vansco's markets, will significantly expand our capability to service our many valued mobile equipment customers."
With annual sales exceeding $10 billion, 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 commercial, mobile, industrial and aerospace markets. The company employs more than 57,000 people in 43 countries around the world. Parker has increased its annual dividends paid to shareholders for 52 consecutive years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's web site at http://www.parker.com, or its investor information site at http://www.phstock.com.
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