WASHINGTON (dpa-AFX) - Parker Hannifin Corp. (PH) said it has inked an agreement to acquire the Olaer Group headquartered in Deeside, United Kingdom. Olaer is a manufacturer of a broad range of advanced hydraulic accumulator and cooling technologies to provide solutions for energy, mobile and industrial markets. Terms of the transaction were not disclosed.
Jeff Cullman, president of Parker's Hydraulics Group, stated, 'This acquisition, once completed, will allow us to strengthen our position in key growth areas both geographically and by end market. Olaer has built a strong position in Europe and a growing presence in Asia. Importantly, Olaer has a solid reputation in our target growth markets such as oil and gas, power generation and renewable energy. The acquisition would also expand our product offering with the addition of cooling technologies and deepens our expertise in bladder accumulator technology. We look forward to the closing of this acquisition when we can welcome the Olaer employees to Parker.'
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