Ohio firm acquires PVC hose maker
Canadian PlasticsCanadian Plastics
Cleveland, Oh.-based Parker Hannifin Corporation, a motion and control technologies company, has acquired Fergus, O...
Cleveland, Oh.-based Parker Hannifin Corporation, a motion and control technologies company, has acquired Fergus, Ont.-based industrial PVC hose and tubing manufacturer Nexgen Hose Inc. Nexgen’s products are typically used in medical, agriculture, mining, diving, portable water/beverage and fire suppression industries.
In 2007, Nexgen reported revenues of $7.2 million and employed approximately 40 employees. The terms of this transaction were not disclosed.
“The acquisition is expected to be accretive to Parker’s earnings in the first full year following the closing of the transaction,” said the company.
Parker Hannifin also noted that Nexgen’s sales would be recorded within the Industrial North America segment of the company’s Fluid Connectors Group.
“This is an excellent strategic partnership due to Nexgen’s unique manufacturing capabilities and Parker’s extensive infrastructure and channels,” said Nexgen general manager David Tomlinson. “I believe Parker will be a strong and effective new owner of Nexgen and will continue to develop the business through a long term commitment to Nexgen, its employees and its customers.”
Receive the latest news about the Canadian plastics industry in your inbox every Tuesday! Visit www.canplastics.com/common_scripts/bigsubscribers/AYPR.asp?WPC=CP and sign up for Canadian Plastics’ free weekly newsletter.