Parker Acquires Gulf Coast Seal Limited
November 30, 2010—
Parker Hannifin Corporation, recently announced that it has acquired Gulf Coast Seal Limited (GCS) based in Houston, Texas. GCS is a provider of highly engineered elastomeric and plastic sealing components and sub-systems for use in offshore oil and gas applications as well as quick response machining and value added services. GCS has facilities located in Houston, Texas and in Glasgow, Scotland. Terms of the transaction were not disclosed. The acquisition is expected to be accretive to earnings in its first full year of operations. Gulf Coast Seal has annual sales of approximately $45 million and employs approximately 160 people. Sales will be reported in Parker's Industrial reporting segment and the acquired company will be integrated into the Engineered Polymer Systems Division, which is headquartered in Salt Lake City, Utah and is part of the Parker Seal Group. "This acquisition further strengthens our ability to service the critical oil and gas market and accelerates our growth globally in this key area," said Kurt Keller, president of Parker's Seal Group. "In addition, GCS provides Parker a product line extension, manufacturing a full line of PEEK components, accompanied by a quick response cell, kitting and assembly."
|Parker Hannafin Corporation|