Parker Hannifin Corp. has announced a previously completed transaction to acquire President Engineering Group Ltd (PEGL).
PEGL, based in Sheffield, UK, specialises in the design and manufacture of precision engineered cryogenic valves for LNG and industrial gas applications and specialised equipment for mining safety applications. The terms of the transaction were not disclosed.
PEGL’s products include the Bestobell, Conflow and Bretby Gammatech brands, which assist in the acquisition, transport and storage of LNG and help monitor and suppress dust and ash during mining operations. The company has become a part of Parker’s Instrumentation Group and approximately 40% of revenues will be reported in the North American Diversified Industrial business, with the remaining 60% reported in the International Diversified Industrial business.
“The addition of PEGL provides product and manufacturing technologies and expanded systems capabilities along with solid brand names,” said John Greco, Vice President and President – Instrumentation Group. “This acquisition will strengthen Parker’s position in the LNG, industrial gas and mining markets. We are excited about the opportunities to combine our organisations and extend more solutions to our customers.”
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/30092015/parker-hannifin-acquires-pegl-1381/