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Parker Hannifin Buys Valve Maker Veriflo

July 14, 1998|Bloomberg News

Parker Hannifin Corp., a maker of industrial controls and semiconductor-making equipment, said it bought closely held Veriflo Corp. for an undisclosed amount of cash to expand its line of gas valves and regulators. Cleveland-based Parker Hannifin said Veriflo had 1997 revenue of $65.4 million and has manufacturing plants in Richmond, and Carson City, Nev. Richmond-based Veriflo also has sales offices in Brussels; Glasgow, Scotland; Singapore; and Shanghai. Veriflo, a maker of high-purity regulators and valves for the medical, petrochemical and semiconductor industries, would become part of Parker's instrumentation unit. Parker Hannifin would acquire Veriflo by buying all the stock of its holding company, BAG Acquisition. Parker Hannifin shares fell 13 cents to close at $34.88 on the New York Stock Exchange.

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