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Parker Hannifin Corp

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BUSINESS
January 21, 1996
Parker Hannifin Corp. has signed an agreement to acquire the Abex/NWL division of Pneumo Abex Corp. for about $193 million in cash. The Kalamazoo, Mich., division, which makes aerospace hydraulic equipment, will become part of Parker Hannifin's Irvine unit, Parker Bertea Aerospace. The transaction is expected to be completed in April.
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BUSINESS
June 20, 2002 | Bloomberg News
Parker Hannifin Corp., the largest maker of hydraulic equipment, will eliminate about 1,000 jobs, close six factories and write down some acquisitions because of falling sales to makers of chip and telecommunications devices. The 84-year-old company will have fiscal fourth-quarter expenses of about $50 million, or 42 cents a share, for the three moves. Parker Hannifin acquired 60 companies in the last 10 years, including makers of factory equipment used by computer and communications customers.
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BUSINESS
July 22, 2000 | Dow Jones
Cleveland conglomerate Parker Hannifin Corp. said Friday it has completed its cash acquisition of Wynn's International Inc., Orange-based maker of automotive and industrial sealing components. The New York Stock Exchange suspended trading in Wynn's stock and will move to delist the shares. Wynn's has about 5,000 employees worldwide, but only 13 were assigned to the company's headquarters. Parker Hannifin's stock rose 38 cents to $38.31 on the New York Stock Exchange.
BUSINESS
September 16, 2000 | Times Staff, Bloomberg News
Parker Hannifin Corp. said Friday that it has completed the sale of the 42-acre Irvine site that has been its aerospace headquarters. The price was not disclosed. Industry experts previously had valued the property at $58 million. The world's largest maker of hydraulic equipment said it sold the prime commercial property off the San Diego Freeway and Jamboree Road to closely held KFPLB Michelson Jamboree LLC. Eventually, Home Depot Inc.
BUSINESS
June 15, 2000 | Dow Jones
Wynn's International Inc.'s shares surged Wednesday, a day after Cleveland conglomerate Parker Hannifin Corp. said it agreed to buy the Orange-based company at a significant premium. But shares of the conglomerate, Parker Hannifin Corp., headed in the opposite direction. Wynn's stock climbed more than 69%, or $9.25 a share, to $22.63, after the company agreed to a $23-a-share buyout offer. Parker Hannifin's stock dropped $2.56, or 6%, to $37.94.
BUSINESS
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.
BUSINESS
January 18, 2000
* Parker Hannifin Corp., the world's biggest maker of hydraulic equipment, said it will buy Commercial Intertech Corp. of Youngstown, Ohio, for $366 million in cash and stock, and assume $107 million in debt. Parker Hannifin, based in Cleveland, makes motion-control equipment and fluid systems that are used in everything from jet engines to amusement park rides to sets for movies such as "Titanic."
BUSINESS
September 16, 2000 | Times Staff, Bloomberg News
Parker Hannifin Corp. said Friday that it has completed the sale of the 42-acre Irvine site that has been its aerospace headquarters. The price was not disclosed. Industry experts previously had valued the property at $58 million. The world's largest maker of hydraulic equipment said it sold the prime commercial property off the San Diego Freeway and Jamboree Road to closely held KFPLB Michelson Jamboree LLC. Eventually, Home Depot Inc.
ENTERTAINMENT
June 14, 2000 | MARC BALLON, TIMES STAFF WRITER
Wynn's International Inc., a supplier of automotive gaskets, sealing products and specialty chemicals headquartered in Orange, is being acquired by a Cleveland conglomerate for $438 million in cash. Parker Hannifin Corp., which manufactures industrial sealing products and is involved in other manufacturing operations, said Tuesday it will pay $23 a share, nearly 72% higher than the stock's closing price.
BUSINESS
August 23, 1990 | From Times Wire Services
Tiny glass beads that somehow got into a fuel line are believed to have caused a hydrogen leak that grounded the space shuttle Columbia in May, a NASA official said Wednesday. Workers discovered between 100 and 200 glass beads between one one-thousandth and three one-thousandths of an inch in diameter inside a piece of equipment found leaking on the shuttle, said William Lenoir, associate administrator for space flight.
BUSINESS
July 22, 2000 | Dow Jones
Cleveland conglomerate Parker Hannifin Corp. said Friday it has completed its cash acquisition of Wynn's International Inc., Orange-based maker of automotive and industrial sealing components. The New York Stock Exchange suspended trading in Wynn's stock and will move to delist the shares. Wynn's has about 5,000 employees worldwide, but only 13 were assigned to the company's headquarters. Parker Hannifin's stock rose 38 cents to $38.31 on the New York Stock Exchange.
BUSINESS
June 15, 2000 | Dow Jones
Wynn's International Inc.'s shares surged Wednesday, a day after Cleveland conglomerate Parker Hannifin Corp. said it agreed to buy the Orange-based company at a significant premium. But shares of the conglomerate, Parker Hannifin Corp., headed in the opposite direction. Wynn's stock climbed more than 69%, or $9.25 a share, to $22.63, after the company agreed to a $23-a-share buyout offer. Parker Hannifin's stock dropped $2.56, or 6%, to $37.94.
BUSINESS
June 14, 2000 | MARC BALLON, TIMES STAFF WRITER
Wynn's International Inc., an Orange-based supplier of O-rings, sealing products and specialty chemicals, is being acquired by a Cleveland conglomerate for $438 million in cash. Parker Hannifin Corp., which makes industrial sealing products and is involved in other manufacturing operations, said Tuesday that it will pay $23 a share, nearly 72% more than the stock's closing price that day. Parker Hannifin, which has been on a buying spree, also agreed to assume $59 million in Wynn's debt.
ENTERTAINMENT
June 14, 2000 | MARC BALLON, TIMES STAFF WRITER
Wynn's International Inc., a supplier of automotive gaskets, sealing products and specialty chemicals headquartered in Orange, is being acquired by a Cleveland conglomerate for $438 million in cash. Parker Hannifin Corp., which manufactures industrial sealing products and is involved in other manufacturing operations, said Tuesday it will pay $23 a share, nearly 72% higher than the stock's closing price.
BUSINESS
January 18, 2000
* Parker Hannifin Corp., the world's biggest maker of hydraulic equipment, said it will buy Commercial Intertech Corp. of Youngstown, Ohio, for $366 million in cash and stock, and assume $107 million in debt. Parker Hannifin, based in Cleveland, makes motion-control equipment and fluid systems that are used in everything from jet engines to amusement park rides to sets for movies such as "Titanic."
BUSINESS
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.
BUSINESS
May 19, 1990
Parker-Hannifin Corp. in Irvine won a $201,000 contract from the Defense Construction Supply Center to supply valves.
BUSINESS
November 11, 1992 | ANNE MICHAUD, TIMES STAFF WRITER
The National Transportation Safety Board on Tuesday recommended that all Boeing B-737 airplanes be fitted with a redesigned rudder part, manufactured in Irvine, because the part has been found to malfunction and could cause flight problems. The board said the rudder part is not known to have resulted in any injuries to passengers or damage to airplanes. The malfunction was discovered during a routine preflight check by a pilot, the board said.
BUSINESS
January 21, 1996
Parker Hannifin Corp. has signed an agreement to acquire the Abex/NWL division of Pneumo Abex Corp. for about $193 million in cash. The Kalamazoo, Mich., division, which makes aerospace hydraulic equipment, will become part of Parker Hannifin's Irvine unit, Parker Bertea Aerospace. The transaction is expected to be completed in April.
BUSINESS
February 21, 1995 | Jack Searles
Parker Hannifin Corp., which recently sold its Metal Bellows aerospace unit in Moorpark, has placed the unit's now-vacant building on the market. The buyer of Metal Bellows moved the operation elsewhere. Parker, based in Cleveland, has retained Grubb & Ellis Co.'s Oxnard office as exclusive marketing agent for the 115,000-square-foot facility. The building has 25,000 square feet of office space, a 120-seat cafeteria, computer wiring and a 370-car parking lot.
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