Parker allies, invests in Japan's Taiyo Ltd.

Cleveland, O.; Osaka, Japan - Parker Hannifin Corp. and Taiyo Ltd. announced Feb. 25 that they've formed a global alliance, which includes a 40% equity investment by Parker in Taiyo. The transaction is scheduled to close in March 2002, and is expected to be accretive to Parker earnings during the year.

03/07/2002


Cleveland, O.; Osaka, Japan - Parker Hannifin Corp. and Taiyo Ltd. announced Feb. 25 that they've formed a global alliance, which includes a 40% equity investment by Parker in Taiyo. The transaction is scheduled to close in March 2002, and is expected to be accretive to Parker earnings during the year.

The two companies expect their alliance to help them grow in automation markets with: shared technology development; expanded global marketing and distribution; and leveraged operating capabilities to serve industrial markets in Japan, Southeast Asia, Europe and the Americas.

Taiyo develops and manufactures a range of automation products, including hydraulic and pneumatic actuators, cylinders and specialized pneumatic products. The firm has 680 employees in Japan, and posted sales of approximately $165 million for its fiscal year that ended on Mar. 20, 2001.

"This alliance will strengthen Parker's presence in the important Japanese market," says Marwan Kashkoush, Parker's hydraulics group president. "This investment offers growth opportunities for both companies at a time when industrial demand for automation technology is poised for a rebound."

Akihiko Takashima, Taiyo's chairman, added that, "We are really pleased to have signed the agreement, and welcome Parker's equity participation. We wish for profitable growth of both partners through this business alliance, and Taiyo will do its best to enhance mutual business opportunities with Parker."

Control Engineering Daily News Desk
Jim Montague, news editor
jmontague@cahners.com





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